A large amount of unsold inventory lies in Gurgaon housing market
Gurgaon housing market has unsold inventory of nearly 19 million sq ft, 28 percent of the total area under development, due to slowdown in demand and a surge in supply, according to rating agency ICRA. However, ICRA Research said in its latest report on Delhi- NCR residential market that sales would outstrip demand in near term at Gurgaon.
Golf course road extension and new Gurgaon have remained the most active micro markets in Gurgaon witnessing maximum launches. The total area under development in the Gurgaon market stood at 66.11 million sq ft as on March 2014 end, ICRA said. It estimated that the total unsold inventory in Gurgaon at 18.82 million sq ft, with 63 percent unsold inventory being in the Golf course road extension and New Gurgaon.
The rating agency attributed the high-unsold inventory to surge in supply in New Gurgaon and Golf Course Road Extension amid slowdown in real estate demand. ICRA said regarding this is that they believe in the near term, improvement in the sales velocity will take precedence over the new launches.
Source: The Economic Times
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