ICRA Says, 19 Million Square Feet Housing Unsold in Gurgaon

ICRA Says, 19 Million Square Feet Housing Unsold in Gurgaon :

According to the ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited), the Gurgaon’s housing market is sitting on an unsold inventory of nearly 19 million square feet, 28 per cent of the total area under development. This is happening because of a slowdown in demand and a consequent surge in supply of real estate housing units.

But the credit rating agency has also said that in the near future, things will improve and sales would outstrip demand in the near term, ICRA Research has mentioned this in its latest report on Delhi-NCR residential market.

According to this released report, giving a glimpse of the Gurgaon market, Golf Course Road Extension and New Gurgaon have remained the most active micro markets in Gurgaon as these places have witnessed maximum number of new launches in the real estate housing segment. Additionally, according to the report, the total area under development in the Gurgaon real estate market stands at 66.11 million sq ft as on end of March 2014.

And hence according to the report, it is estimated that the total unsold inventory in Gurgaon is at 18.82 million sq ft, especially with 63 per cent unsold inventory coming under the Golf course road extension and New Gurgaon area.

As per the rating agency, the high unsold inventory is because of a surge in supply in New Gurgaon and Golf Course Road Extension amidst a slowdown of demand in real estate.