Un­sold hous­ing in­ven­tory high­est in Delhi NCR UN­SOLD IN­VEN­TORY

An es­ti­mated 2,50,000 units re­main un­sold in Delhi NCR due to de­lay in clear­ances

HT Estates - - FRONT PAGE - HT Es­tates Cor­re­spon­dent

Delhi-NCR is stuck with the high­est un­sold hous­ing in­ven­tory in In­dia fol­lowed by Mum­bai, says a new re­port.

The woes of the real es­tate sec­tor are far from over with i nven­tory of res­i­den­tial premises and com­mer­cial es­tates ris­ing be­tween 18% to 40% in dif­fer­ent cities with the max­i­mum un­sold stock ex­ist­ing in Delhi NCR over the last one year. This has cre­ated a big drag on sev­eral other sec­tors like fi­nan­cial ser­vices and steel, an As­socham study has said.

In spite of fall in prices and in­ter­est rates, the de­mand for res­i­den­tial mar­ket has wit­nessed a steep de­cline by 25% to 30% whereas the de­mand for com­mer­cial space has dropped by 35% to 40% in the NCR re­gion over the last year, the re­port said.

The to­tal num­ber of new pro­ject l aunches i n t he Mum­bai Ben­galuru Chen­nai Ahmed­abad Pune Hyderabad Na­tional Cap­i­tal Re gion ( NCR) have come down by 30% to 35% in com­pared to last year.

The un­sold in­ven­tory is high­est in Noida, with over 1,20,000 units while t he re­main­ing un­sold in­ven­tory is in Delhi, Ghazi­abad and Farid­abad.

The NCR res­i­den­tial mar­ket is stuck with an es­ti­mated in­ven­tory of 2.50 lakh units while an­other 1.75 lakh dwellings under con­struc­tion are l i kely t o be de­layed, t he re­ports says.

Mum­bai, which had been wit­ness­ing an in­creased ac­tiv­ity around Navi Mum­bai, Thane and other sub­urbs, cur­rently has the largest in­ven­tory, fol­lowed by Ben­galuru and Chen­nai.

While Mum­bai had un­sold stock of 27.5%, Ben­galuru had 25%, Chen­nai ( 22.5%), Ahmed­abad ( 20%), Pune (19.5%) and Hyderabad (18%), it said.

NCR’s un­sold in­ven­tory ap­prox­i­mately makes up 35% of the units under con­struc­tion.

This was due to the de­lay in reg­u­la­tory clear­ances and lit­i­ga­tions.

“It is a dif­fi­cult pe­riod both for the de­vel­op­ers and the con­sumers who have booked flats. The reg­u­la­tors, de­vel­op­ers, banks and con­sumers should form joint groups to work out a so­lu­tion,” As­socham sec­re­tary gen­eral D S Rawat has said.

“The ticket price (of) three­bed­room, two-BHK and sin­gle room flats have seen a cor­rec­tion by 35% in Noida, 30% in Gur­gaon and 25% in some key ar­eas of Delhi, but still, the de­mand is sub­dued,” the pa­per said.

Mum­bai metropoli­tan re­gion had un­sold in­ven­troy of 98,000. Ben­galuru came next with 66,000 units, Chen­nai with 60,000 units and Pune with 55,000 units, says the study.

The sub­dued con­struc­tion ac­tiv­ity has had a neg­a­tive im­pact on the labour mar­ket since there are about 10 to 12 mil­lion work­ers en­gaged in the real es­tate sec­tor.

The slump in sales and launches clearly in­di­cates that the res­i­den­tial mar­ket is fac­ing a strong price re­sis­tance.

S .BURMAUAL

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