The area holds a bunch of stuck housing projects and a sizeable unsold inventory.
The unsold housing stock reduced to nearly 56,620 units by the end of 2020 from 64,010 units a year ago.
In contrast, Gurgaon saw its unsold stock rise by 7% in the same period, to approximately 61,880 units as on 2020-end.
“Covid-19 impacted both new launches and housing sales in all the top cities, including NCR,” said Santhosh Kumar, vice chairman at AnarockProperty Consultants. “However, data trends clearly indicate the caution which developers in Noida and Greater Noida applied in terms of new launches.”
“These two markets previously held a lot of unsold stock and developers’ focus is now primarily on completing and selling previously launched projects. A reduction by over 12% unsold stock in one year is remarkable, and indicates that developers’ offers and discounts bore fruit in this period,” said Kumar.
About 18,540 new units were launched in the whole of NCR region in 2020, of which Noida and Greater Noida collectively accounted for a mere 15% or about 2,800 units.
While Gurgaon saw new supply of nearly 11,180 units during the year, denoting a significant 60% overall share.
Interestingly, Faridabad saw more new housing units launched in the year (about 3,050 units) in comparison to both Noida and Greater Noida.
Ghaziabad saw housing supply of just 500 units in 2020 while Delhi saw absolutely no new launches in 2020.
Housing sales in the entire NCR stood at over 23,220 units in 2020. Of this, Noida and Greater Noida together accounted for 44% or approximately 10,190 units, while sales in Gurgaonstood at 7,240 units, nearly 31% share.