Unsold housing in Noida, Greater Noida down 12% in 2020: Anarock

Amid restricted new supply in 2020, unsold housing inventory in Noida and Greater Noida in Uttar Pradesh reduced by 12 per cent in the year, a report by Anarock Property Consultants said.

The unsold inventory declined from 64,010 units as at 2019-end to nearly 56,620 units at 2020-end.

In contrast, Gurugram saw its unsold stock increase by 7 per cent in the same period to around 61,880 units at 2020-end.

From a new launch perspective, the whole of National Capital Region saw launch of around 18,540 units in 2020, of which Noida and Greater Noida accounted for a mere 15 per cent share, or around 2,800 units.

While Gurugram saw supply of nearly 11,180 new units during the year, denoting a significant 60 per cent overall share.

Faridabad saw launch of more new housing units in the year -- around 3,050 units -- compared with both Noida and Greater Noida.

Ghaziabad saw housing supply of just over 500 units in 2020 while Delhi saw absolutely no new launches last year.

Meanwhile, housing sales in the entire NCR was over 23,220 units in 2020. Of this, Noida and Greater Noida together comprised a 44 per cent share, or around 10,190 units, while sales in Gurugram stood at 7,240 units, a nearly 31 per cent share, said the Anarock report.

Santhosh Kumar, Vice Chairman of Anarock Property Consultants, said: "COVID-19 impacted both new launches and housing sales in all the top cities, including NCR. However, data trends clearly indicate the caution developers in Noida and Greater Noida exercised in terms of new launches."

"These two markets previously had a lot of unsold stock. Developers' focus is now primarily to complete and sell projects launched earlier. A reduction by over 12 per cent unsold stock in one year is remarkable, and indicates that developers' offers and discounts bore fruits in this period," he added.