by THEPROPZY 
Delhi-NCR, once infamous for its speculative overstock and the general turmoil of its real estate market, has made remarkable strides in improving its housing inventory situation. Over the years, what was once a region struggling with an oversupply of residential units has now transformed into a market demonstrating increased stability and efficiency. The latest data highlights a significant reduction in the unsold housing inventory, a testament to the changing dynamics of the real estate sector in the region.
In the last five years alone, Delhi-NCR has witnessed an extraordinary 57% drop in its unsold housing stock, according to recent insights from leading real estate analysts. This reduction is the highest among all metropolitan regions in the country. In comparison, the Southern real estate markets, including Bengaluru, Hyderabad, and Chennai, recorded an 11% decrease in their total unsold stock during the same period. This stark contrast underscores the accelerated pace at which Delhi-NCR’s residential market has evolved.
Delhi-NCR’s Unsold Inventory Plummets from 2 Lakh Units to 86,420 Units
The western region, encompassing Mumbai Metropolitan Region (MMR) and Pune, also saw a reduction in unsold housing stock, albeit at a slower rate of 8%. Meanwhile, Kolkata, the leading market in the eastern region, reported an impressive 41% drop in unsold inventories during this period. However, the most remarkable transformation has been observed in Delhi-NCR, where the number of unsold units plunged from approximately 2 lakh at the end of Q1 2018 to just 86,420 units by the close of Q1 2024.
This steady decline in unsold inventory is being seen as a positive sign by developers and industry experts, who believe that the residential real estate market in the NCR has regained buyer confidence. The director of GLS Group, Surinder Singh, commented on this encouraging trend, stating, “The improved sentiment surrounding the real estate sector, coupled with rising demand for quality housing, has significantly reduced our unsold inventory. This shift reflects growing consumer trust and the market’s ability to cater to evolving homebuyer preferences.”
Gurgaon Leads the NCR Market with 33,326 Unsold Units
Among all micro-markets in the NCR, Gurgaon currently holds the highest number of unsold residential units, accounting for around 33,326 units. However, this figure represents a notable 37% decline over the last five years, further solidifying the city’s position as a dynamic and rapidly evolving real estate hub.
Noida, on the other hand, has made the most significant progress in terms of reducing its unsold inventory. At the end of Q1 2024, the city had approximately 7,451 unsold apartments, a staggering 71% drop from the 25,669 units recorded in Q1 2018. Greater Noida followed closely, with an unsold stock of over 18,668 units by the end of Q1 2024.
The transformation of Greater Noida’s real estate market has been equally impressive, with the city reducing its unsold inventory by an astounding 70% since Q1 2018. Similarly, Ghaziabad has experienced a substantial decline of 70% in unsold stock over five years, with the inventory dropping from approximately 37,005 units in Q1 2018 to just 11,011 units by Q1 2024.
Steady Growth and New Housing Supply in the NCR Market
Meanwhile, other key cities in the NCR—Delhi, Faridabad, and Bhiwadi—collectively held approximately 15,964 unsold apartments as of Q1 2024, marking a 31% drop from the 23,038 units recorded at the end of Q1 2018. This substantial decline is largely attributed to developers’ conscious efforts to regulate new housing supply and align it with actual demand.
According to ANAROCK data, the Delhi-NCR market saw the launch of nearly 1.81 lakh new residential units between Q1 2018 and Q1 2024. This controlled and strategic approach to new supply, combined with growing homebuyer confidence, has played a crucial role in stabilizing the real estate market in the region. Industry experts believe this positive momentum will continue, further reinforcing Delhi-NCR’s position as a leading real estate market in India.
