Horror of real estate developers and consumers is far from the end. It is worsening day by day with the unsold residential and commercial Inventories rising from 18-40% everywhere.
Unsold inventories is striking everywhere in the entire nation. In spite of the falling rates, the inventories are far from the sale. Consumers are moving far away from the inventories making the structures going near to its downfall.
Lets us take a closer look into the situations and the reason behind with our expert research team and their authorized survey reports.
Over the last year Delhi-NCR took the number one position in holding the maximum percentage of unsold residential and commercial inventories nationwide. According to a recent study, this scenario is not only affecting the real estate sector of Delhi NCR region but also is disturbing the linked sectors of financial services and steel as well.
The downfall of unsold inventories: Reason and Solution
According to a recent survey done, the residential market demand has shown a decline by 25 to 30 percent whereas the commercial market demand dropped by 35 to 40 percent in Delhi-NCR. Currently the NCR region is crowded up with near about 250,000 unsold inventories with 120,000 in Noida and remaining inventories in Delhi, Ghaziabad and Faridabad.
Reason behind all this chaos is nothing but the delay caused in regulatory clearances and few legal actions undertaken.
However, rates for 3 bedroom, 2 BHK and single room flats has seen improvement by 35% in Noida, 30% in Gurgaon and 25% in other areas of Delhi but the overall demand remains low in Delhi NCR. Furthermore, the labor market also faced a huge impact of the withdrawn in the construction activity due to unsold inventories. Around 10 to 12 million workers were involved in the real estate sector and are now majorly jobless.
According to some stakeholders the present market conditions are worse than the previous year. Delay in reforms for sure has affected many attached sentiments. Compared to last year, the launch of residential programs, sales, and price appreciation are at a very low level.
Without any doubt, it is also a very tough time for the developers or the consumers having their flats booked. But in order to resolve this issue of unsold inventories, the regulators, developers, banks and consumers should come together and work as one in a joint group. With this the downfall of inventories can find its way to stop.
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