Property consultant Knight Frank, in its market overview revealed that nearly 5,00,000 houses are under construction in the national capital region (NCR) as of March 2012, and half of them are slated to be ready for possession by next year.
NCR, the largest residential market in India, did not witness a steep decline in launches last fiscal despite global economic slowdown and high mortgage rates in India, said the consultant.
"Nearly 86,000 residential units entered the market in FY 2012. Nearly 40% of the units launched, fall in the Rs 25-50 lakh ticket size," the report said.
Ghaziabad contributed to about 34% of the number of project launched, followed by Gurgaon and Noida. "Developers were able to gauge the pulse of the market and launched more affordable and mid segment projects than premium projects in FY 2012," it added.
Currently, NCR has higher number of units compared to the other five metropolitan cities of Mumbai, Chennai, Bangalore, Kolkata and Hyderabadput together. About 50% of the upcoming supply in the NCR market is expected to be ready for possession by 2013, as a bulk of projects were launched towards the end of 2009 and early 2010, the report mentioned.