NCR to have 46,700 unsold ready flats by this year, says report

NOIDA: India will have around 1.7 lakh unsold ready flats by the end of 2018 and the National Capital Region will account for the lion’s share at 28%, real estate researchers Anarock has stated in its report.
Of the 46,700 ready flats that NCR will have in the unsold category, Greater Noida will have the maximum number of such houses at 13,100, while Noida and Gurgaon will account for 4,670 and 8,900 houses, respectively, according to the report.
“There has never been a better time for aspiring homebuyers. There is more than a generous stock of ready-to-move-in housing options across Indian cities. Ready properties are attractive for multiple reasons, especially because they involve the least risk,” said Anarock chairman Anuj Puri.
Those dealing in real estate have pointed out that the housing industry has experienced a major shift across the country in 2017 with the implementation of the GST and RERA and fresh projects have been affected. An increasing pressure from homebuyers and state governments to deliver houses in time has also driven builders to focus on giving flats rather than fresh launches.
The report has come at a time a number of homebuyers in NCR are involved in legal tangles with developers over delayed delivery of flats and state governments are making promises to sort out the stalemate.
In the beginning of 2018, India’s real-estate sector has reported over 7 lakh unsold properties, Puri said.
“This mammoth unsold inventory has already turned the Indian real-estate arena into a buyer-favouring market. Now, there will be a huge opportunity to cherry-pick ready-to-move-in houses with 1.7 lakh unsold flats by this year. The market could see a massive return of buyers,” he added.
According to Anarock, Greater Noida has topped the list of unsold inventory with 61,784 flats in the first month of the year, followed by Gurgaon at 45,252. While Noida has 25,459 unsold flats in the beginning of 2018, there are 70,000 such houses in Delhi, Faridabad and Ghaziabad combined.
In addition to the major share of unsold ready flats by the end of this year, the price of properties is also expected to remain stable in NCR, the report has said.
According to Anarock, of the houses due for completion in NCR, 44% will be in the range of less than Rs 40 lakh, 40% will cost Rs 40-80 lakh, 10% in the price bracket of Rs 80 lakh to Rs 1.5 crore and 6% above 1 crore.