Noida, Greater Noida and Ghaziabad are the three cities in Uttar Pradesh to have witnessed the maximum decline in the overall unsold housing stock in two years, according to a joint report by Anarock and Naredco.

The report titled, 'Addressing Challenges and Progressing Ahead in Real Estate' mentioned that the collective unsold stock in these cities of UP had declined by 26 per cent from 1,31,150 units in Q3 2017 to approximately 97,270 units by Q3 2019 end.

"Noida, Greater Noida and Ghaziabad succeeded in significantly reducing unsold stock primarily because of developers' conscious restriction of new supply in favour of ongoing project completion. While Gurugram alone saw more than 2,030 units launched in Q3 2019, these three key cities of UP collectively launched a mere 1,610 units,” said Anuj Puri, Chairman, Anarock Property Consultants.

The report further mentioned that Greater Noida saw maximum stock reduction by 27 per cent in Q3 2019 against Q3 2017. On the other hand, Noida and Ghaziabad each saw 24 per cent decline during the period.

According to the report, Ghaziabad has emerged as the new affordable housing hotspot. While, Noida and Greater Noida have maximum mid-segment housing.

“Real estate regulation and other positive measures by the government have made the market more responsible towards deliveries. This especially reflects in the NCR market, where along with a decline in launches, developers are focused on completion of unsold inventory,” said Parveen Jain, Vice Chairman, Naredco.

The report was released at the first national Rera Conclave which took place in Lucknow on Monday.

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