2.75 lakhs of ready-to-move-in homes are to hit the real estate market by 2020!
Posted by Anurag Gupta on December 25th, 2019
Buying a home for living is the dream of every Indian. Every one of you must have planned or in the process of planning to buy a new home for living in a while. For you, there is good news! Are you looking for a ready-to-move-in property in India? Then prepare your mind to get one by the end of 2020. Why so? Because seven major cities of the country are prepared to launch 2.75 lakh (more or less) new homestays in ready-to-move-in condition over the next year.
What does the report says…
The supply of ready-to-move-in homes in India will increase by the year 2020. According to the report released by Anarock, the most recognized real estate consultancy, approximately 2.75 lakhs new homes can be obtained in the market by the next year, which will be in ready-to-move-in condition. Among this total amount, 68,070 units are planned to get delivered in the NCR (National Capital Region) only. And, the minimum quantity will be offered in Chennai.
What is the reason?
Well, the reason behind this sudden increase in the availability of ready-to-move-in flats is the huge number of overdue projects that are drawing penalties by RERA (real estate regulatory authority).
The real estate data has been collected from the top real estate markets of India which include NCR (National Capital Region), Hyderabad, MMR (Mumbai Metropolitan Region), Pune, Kolkata, and Bengaluru.
Presently, approximately 13 lakhs of housing units which were launched between 2014 and 2019 in the top 7 Indian cities lie in varying levels of construction. Nearly 21% of these units are needed to get delivered by the end of 2020.
Distribution at a glance –
The report of Anarock also states that more or less 40% of these properties which amounts nearly ₹1.13 lakhs, fall under the affordable housing category. The price of these properties lies under ₹40 lakhs. Also, 33% of the properties are of ₹40-80 lakhs range, 16% of the properties are of ₹80-1.5 crore, and the rest 10% of the units fall under the ultra-luxury segment that ranges more than ₹1.5 crores.
And, more to the report, when these 2.75 lakhs of home units will be finished by December 2020, NCR will have a maximum of 68,070 units. MMR falls after NCR with 56760 units followed by Pune with 44480 units. The three cities in the Southern parts of India, Bengaluru, Hyderabad, and Chennai have the ready units of approximately 37800, 17000 and 10800 respectively to supply by the closing of 2020.
Word from the Professionals
The Chairman of Anarock, Mr. Anuj Puri said that property developers are well aware of the high demand of the ready-to-move-in houses among the consumers and this is pushing them to work overtime so that the majority of their ongoing projects can be completed within the desired timeframe. He highlighted another common fact that is most of the property buyers are interested in purchasing the medium-range and affordable homes which are in total lies within the category of ₹15-80 lakhs. So, when the ready-to-move-in inventory will hit the market, those buyers will get ample options after 2020. And, the calculation says that approximately 2 lakhs or 74% of the entire units fall under these categories.
According to Mr. Puri, NCR is going to gain the most benefits and also the future residents here will be greatly benefited by investing in this city. This is mainly because NCR will be offering most of the affordable as well as mid-range property in India.
Conclusion:
In today’s age, people are generally interested in buying finished homes and such a boom in the real estate will definitely help them get a desired one easily.
