The trend of ready-to-move-in housing units has massively contributed to the revival of the real estate market.
Recent years have witnessed significant changes in the market scenario of the real estate sector. The after-effects of the NBFC crisis, reforms introduced by the government and several other factors have majorly impacted the market trends as well as the buyers’ sentiments. While the customers have grown cautious in making investments, the demand for ready-to-move-in units has seen humongous growth. Around 84% of Indian homebuyers have shown their inclination towards ready-to-move-in homes. Buyers approach this segment with better confidence, free from any possibilities of delays and funds being stuck. To boost the revival of the market, developers too have geared up by delivering more and more ready-to-move-in projects.
As per industry reports, at present more than 1 lakh ready-to-move-in homes are available in the market. Moreover, the Anarock research report suggests that the top seven cities across the country are expected to see around 2.75 lakh new ready-to-move-in homes over the next year. The report says, out of these, 38 percent of units will be in the mid segment while the rest in the luxury and ultra-luxury segments.
In NCR, New Gurugram, for instance, is set to witness rapid growth in terms of public transport and smooth connectivity. Developments like RRTS and cloverleaf on NH8 are set to make it one of the most preferred habitats in the NCR region. Owing to these infrastructural developments and new launches, the region has assured future growth prospects and is expected to see a massive demand for housing. With the trend of ready-to-move-in homes expected to rule the market, buyers will be encouraged to invest in the realty sector here.
The trend of ready-to-move-in housing units has massively contributed to the revival of the real estate market. According to the recent Anarock report, the price-gap between ready-to-move-in homes and under-construction projects has dipped to a new low of three to seven percent. This has further encouraged the buyers to opt for ready-to-move-in homes. The purchase of ready-to-move-in properties also frees the buyers from the hassles of delayed construction and they are able to utilize the unit as per their requirement.
Loan processes are much easier and quicker in comparison to under-construction properties. On the developers’ end, the ready-to-move-in homes get the cash flows going as they more likely to be absorbed than under-construction property. As a result, this trend has created an ecosystem of mutual benefit for the consumers as well as developers. Driven by these factors, the market for ready-to-move-in homes is set to see an enormous leap in the year ahead.
(By Amit Kaicker, Business Head-DLF, New Gurugram)