NCR Has 8.6 Crore Sq Ft of Stuck Projects, Greater Noida and Gurugram Face the Biggest Risk
Delhi-NCR’s real estate market is facing a major overhang of stalled housing projects, with around 86 million sq ft of inventory stuck in incomplete developments, according to a recent report by Kotak Institutional Equities.
The situation is particularly serious in Greater Noida and Gurugram, which together account for more than half of the stuck project inventory in the region. For homebuyers, the numbers highlight why checking a developer’s track record and project status is becoming increasingly important before investing.
Greater Noida Has the Highest Stuck Inventory
The report estimates that NCR has around 218 million sq ft of unsold inventory, of which approximately 86 million sq ft, or nearly 40%, is tied up in stalled projects.
Greater Noida has the largest share, with around 29.3 million sq ft of stuck inventory. Gurugram follows with approximately 26 million sq ft.
Noida accounts for another 16.5 million sq ft, while Ghaziabad has around 11.9 million sq ft of stuck project inventory.
NCR’s Stuck Project Inventory
| City | Stuck Project Inventory |
|---|---|
| Greater Noida | 29.3 million sq ft |
| Gurugram | 26 million sq ft |
| Noida | 16.5 million sq ft |
| Ghaziabad | 11.9 million sq ft |
| Total NCR | 86 million sq ft |
NCR Property Sales Also Slowed Down
The report indicates that NCR’s real estate market experienced a slowdown during the first quarter of FY27.
Property sales declined 27% year-on-year to 23.5 million sq ft, while new project launches fell by around 45% to 21.2 million sq ft.
Despite the slowdown, Gurugram continued to dominate NCR’s sales, accounting for around 51% of total sales, or 9.6 million sq ft.
Noida and Greater Noida together contributed around 27%, while Ghaziabad accounted for approximately 15%.
Property Prices Continue to Rise Despite Stalled Projects
One of the notable trends highlighted by the report is that property prices have continued to increase despite the large amount of stuck inventory.
The average NCR property price reportedly rose 14% year-on-year to ₹17,927 per sq ft in Q1 FY27.
This creates a challenging situation for buyers because higher prices do not necessarily eliminate the risks associated with delayed projects.
What This Means for Homebuyers
The large amount of stuck inventory makes project due diligence particularly important for anyone planning to buy a home in NCR.
Before paying a booking amount, buyers should check the project’s construction progress, RERA registration and status, developer’s previous delivery record, approvals, possession timeline and financial health.
For buyers in Greater Noida, Gurugram, Noida and Ghaziabad, these checks can help reduce the risk of locking their savings into a delayed or financially troubled project.
Grihik Takeaway
The NCR market is showing two contrasting trends — property prices are rising, but a significant amount of housing inventory remains stuck. For homebuyers, the focus should therefore not be only on price appreciation but also on whether the project can actually be delivered on time.
A cheaper or attractive-looking property can become expensive if possession gets delayed for years. Checking the project’s legal, financial and construction status before investing can help buyers protect their savings.