Delhi NCR Realty Market Remains Uncertain
The real estate market in the Delhi National Capital Region exhibited ambiguity, primarily due to various debt resolution processes affecting developers in the area. A recent study indicates that among the 20 new projects introduced to the market collectively, Faridabad emerged as the leader, with Gurgaon and Greater Noida closely following.
Impact of Delayed Housing Units
The extended delay of more than two lakh housing units, coupled with the potential of an approaching economic slowdown, prompted prospective buyers to adopt a more cautious approach in Delhi NCR during the period of July to September 2019. Developers focused significantly on the upper-mid and premium segments, particularly in Gurgaon and Noida. This shift includes local market players and international brands looking to establish a robust presence in the market.
Furthermore, contrary to trends witnessed in previous years, where investors were typically quick to invest in premium projects, the luxury segment in Delhi now seems entirely driven by end-users.
Challenges in Affordable Housing
In light of the changing sentiment among optimistic homebuyers and the growing disparity between housing supply and demand, authorities found disposing of newly launched affordable housing stock challenging. As a result, with approximately two lakh unsold housing units throughout the region, the Delhi NCR district continued to hold a significant portion of the total unsold inventory available across major metropolitan cities. Delayed residential projects, particularly in Noida and Greater Noida, further remained a point of contention during the quarter under consideration.