Ready-to-move-in house supply will go up by 2020: Report
Nearly 2.75 lakh ready-to-move-in houses will be available in the market by the end of 2020 in the top seven real estate markets of the country. The highest number of these units (68,070) will be delivered in the National Capital Region (NCR), while the least number will be available in Chennai, stated a report released by real estate consultancy Anarock. The reason for the increase in the delivery of ready-to-move-in flats is because overdue projects are attracting penalty by the real estate regulatory authority (Rera).
The top seven real estate markets in the country from which data was collated for this report are NCR, Mumbai Metropolitan Region (MMR), Pune, Hyderabad, Chennai, Bengaluru and Kolkata.
Currently, nearly 13.1 lakh housing units, launched between 2014 and Q3 of 2019, are in various stages of construction in the top seven cities of the country and nearly 21% of such units are to be delivered by the end of next year.
The report further states that nearly 41% of these houses (1.13 lakh) are in the affordable housing category (priced at less than ₹40 lakh), 33% ( 90,770 units) are in the bracket of ₹40 to ₹80 lakh and 16% are in the range of ₹80 lakh to ₹1.5 crore. The remaining 10% units fall in the ultra-luxury segment, the report stated.
Anuj Puri, chairman, Anarock property consultants, said developers are keenly aware that ready- to-move-in homes are in great demand and, as such, they are working overtime to complete the projects in time. “Most buyers are focused on the affordable and mid-range segments (priced below ₹80 lakh) and will have ample choice once this ready inventory hits the market by the end of next year. An overwhelming 74% or approximately 2.04 lakh units fall in these two segments,” he added.
Another positive development listed by the report is that NCR will see the maximum number of houses delivered by the end of 2020. This number will stand at 68,070 units.
Referring to the development, Sonia Vaid, a Gurugram-based realty consultant, said home buyers will greatly benefit in the city as large number of affordable properties would became available by the end of next year. “The people only want to buy finished homes right now, and this supply will surely help,” she said.