Unsold Inventory Of Flats In Gurugram, Noida, Greater Noida At 1.09 Units
New Delhi: The unsold residential units in Delhi NCR markets like Greater Noida, Noida, and Gurugram stood at about 1.09 lakh In July end 2019. Of this, about 54 percent units were priced at Rs 45 lakh and below, according to a report by property brokerage firm PropTiger.
It will take about 42 months to sell the existing unsold inventory in Noida and Greater Noida, and around 28 months in Gurugram with the exiting rate of sales in the market.
However, the sales are likely to pick up with certain incentives put in place by the government. The additional deduction of Rs 1.5 lakh on interest for property of up to Rs 45 lakh and the lower interest rates on home loans available, there is likely to be an increase in sales of these properties.
Gurugram market includes data of Rewari, Bhiwadi, Neemrana and Dharuhera.
"Rising instances of builders facing insolvency have severely impacted the market sentiment in the NCR, especially in Noida property market. Low sales volumes have resulted in builders accumulating huge inventory over time in these property markets," said Mani Rangarajan, Group COO of Elara Technologies. that owns Housing.com, PropTiger.com and Makaan.com.
Prices of residentula units are falling in most of the Delhi NCR markets. In Gurugram, property prices have fallen by 10 percent in the last three years. In Noida, property prices have fallen by over 2.5 percent in the same period. Average per sq ft prices in Noida and Gurugram are Rs 3,900 and Rs 4,950, respectively.