Noida, Greater Noida, Ghaziabad See 26% Drop In Unsold Stock Of Housing Units
New Delhi: Noida, Greater Noida and Ghaziabad have seen 26 percent decline in unsold stock of residential units in the last two years.
The total unsold stock in these three cities stood at 97,270 units at the end of third quarter (Q3) of 2019 end as compared to around 1,31,150 units in Q3 of 2017, according to a study by ANAROCK Property Consultants and realty industry body NAREDCO.
Greater Noida has unsold stock of 48,350 units in Q3 of 2019 and has seen a reduction of 27 percent in the last two years. Noida has 19,480 unsold units in Q3 of 2019 and has witnessed a reduction of 24 percent. Ghaziabad has unsold stock of 29,440 units in Q3 of 2019 and has seen a drop of 24 percent.
About 76 percent of total complaints (17,077) filed with UP RERA are for projects in these three cities.
Remarking on the report, says, “Noida, Greater Noida and Ghaziabad succeeded in significantly reducing unsold stock primarily because of developers' conscious restriction of new supply in favour of ongoing project completion,” said Anuj Puri, Chairman – ANAROCK Property Consultants.
“India real estate sector continues to face challenges in terms of reduced construction finance and high levels of unsold inventory,” Parveen Jain, Vice Chairman, NAREDCO.
The study has been released by ANAROCK and NAREDCO during ‘1st National RERA Conclave’ being organized today in Lucknow.