Unsold housing units in Noida, Greater Noida and Gurugram stood at nearly 1.09 lakh at the end of July, of which 54 per cent were priced at Rs 45 lakh and below, according to property brokerage PropTiger.
With fall in interest rates on home loans and additional tax deduction of Rs 1.5 lakh on interest for flats up to Rs 45 lakh, Proptiger expects that developers would be able to sell significant number of unsold stocks in the affordable price category.
“Real estate developers in the key NCR markets had a total of 108,937 unsold units till the end of July 2019. Of these, 58,516 homes were priced at Rs 45 lakh or less,” PropTiger said in a report.
Gurugram market includes data of Bhiwadi, Rewari, 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.
At the current sales velocity, he said developers would take about three-and-a-half-years to sell off the existing stock in Noida-Greater Noida and 28 months in Gurugram.
