Despite repeated pleas of poor patients, the machine has remained dysfunctional.
New Delhi: The national capital region (NCR) has witnessed 13% yearly drop in sale of housing units in the third quarter of 2019, according to findings of a study. The real estate tracker study conducted by Anarock property consultants has revealed that among the top seven cites, NCR was second in recording maximum decline on a quarterly basis, i.e. 22%.
According to the study, Noida and Greater Noida recorded maximum sales in the third quarter (Q3) of this year as 4,580 houses were sold. However, on a quarterly basis, the sales in both Noida and Greater Noida have gone down by 23% and 22% respectively, while on a yearly basis, sales went down by 8% and 14% respectively. In Gurgaon, sales on a quarterly basis went down by 25% from 3,580 units in Q2 of this year, while on a year-on-year basis, the millennium city saw its sales plummet by 11%—3,010 units in Q3 of 2018.
In Ghaziabad, the sale of houses recorded 1,700 units in Q3 of 2019, decreasing by 20% on a quarterly basis from 2,120 units sold in Q2 of 2019. In a year, sales decreased by 15% from 1,990 units sold in Q3 of 2018.
Similarly, Faridabad, Bhiwadi and Delhi registered sale of 350 housing units, 380 units and less than 140 units respectively in Q3 of 2019. On a quarterly basis, the three cities saw sales fall by 18%, 21% and 22% respectively while on an annual basis, sales declined by 23% and 35% for Faridabad and Bhiwadi respectively. Delhi saw a meagre 1% rise in sales in a year.
Anuj Puri, chairman of Anarock property consultants who conducted the study, told The Sunday Guardian: “The NCR is still battling the combined effects of oversupply, past speculative activity and the trust deficit caused by stalled or heavily delayed projects. Developers have already throttled back supply and are focusing more on project completion. However, the liquidity situation needs to improve and that will take time.”
However, the study also revealed that the NCR fared better in shedding its unsold stock on both quarterly and yearly basis. According to the study, the NCR witnessed its stock decline by 7% in a year—from 1,90,650 units in Q3 of 2018 to 1,77,900 units in Q3 of 2019. On a quarterly basis, the region reduced its unsold stock by 2%.
In Q3 of 2019, the NCR saw new launches of 5,790 houses. Millennium city Gurgaon recorded the maximum new launches in Q3 of this year, followed by Faridabad, Ghaziabad, Noida and Greater Noida, Delhi and Bhiwadi.