NEW DELHI: The NCR residential market is stuck with an estimated inventory of 1,68,000 units while another 90,000 dwelling units that are under construction are likely to be delayed for hand-over, according to a survey by industry body ASSOCHAM.
“A large inventory is piling up despite prices correcting by over 20 per cent in the last one year, while there is a huge fall in the new projects being launched by developers who are hard-pressed for cash,” the study said.
ASSOCHAM pointed out that the increase in inventory level is because of falling demand from actual users as well as investors. A majority of the respondents who were part of a survey of 120 real estate developers in the NCR, said that even ready-to-move-in flats are finding few buyers.
The survey reveals that demand for buying property in the NCR has decreased by over 30-35 per cent over the last year.
According to survey, the residential market has witnessed a steep decline by 30-35 per cent in new launches as well as demand resulting a significant shrinkage. The unsold inventory pressure in NCR region is the highest among all other cities.