Sales of Homes In Gurugram, Noida Reduced To Half In Q2FY20: Proptiger.com

New Delhi: Sales of residential property in Gurugram and Noida, two of the prime real estate markets in the country, were down 47 percent in the second quarter of the current fiscal as compared to the same period of the previous fiscal. Together, these cities sold 5,569 houses in the second quarter of 2019-20 as compared to 11,020 homes in the same period of the previous fiscal, according to a report by real estate portal Proptiger.com. 

Even the new launches were down by around 12 per cent in the two cities. The total new launches in the second quarter of the current fiscal stood at 3,089 units as against 3,498 units in the same period of the previous fiscal.  

If the two cities are taken individually, Gurugram saw an increase of 27 percent in new launches in the second quarter of the current fiscal as compared to the same period of the previous fiscal. Noida, on the other hand, saw new launches fall by about 55 percent in the second quarter of the ongoing fiscal as compared to the same period of the previous fiscal.   

The unsold stock of housing units has also gone up. Together, these two cities have an overhand of 37 months now. The second quarter of the previous fiscal, the overhang was just 31 months. The national average of the overhang is just 28 months now.

The number of units lying unsold in Gurugram in the second quarter of the current fiscal stood at 5,798 units. The same for Noida was 11,750 units.

The number of houses expected to be delivered by March 2020 in Gurugram is 33,516 and in Noida is 83,337.

India’s top nine cities have a combined unsold stock of about 7.79 lakh units as on September 30, 2019.

“With their proactive approach, the Haryana and UP RERA have been resolving disputes at a commendable speed, gradually reinstating buyers’ confidence in these property markets. RERA has also compelled builders to give viable project completion deadlines in the builder-buyer agreements,” says Dhruv Agarwala, Group CEO, Elara Technologies.

 

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