A recent report released by real estate consultancy firm Anarock states that 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 top seven real estate markets are NCR, Mumbai Metropolitan Region (MMR), Pune, Hyderabad, Chennai, Bengaluru and Kolkata. It further adds that 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. 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).
As per the report, 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 Rs 40 lakh), 33% ( 90,770 units) are in the bracket of Rs 40 to Rs 80 lakh and 16% are in the range of Rs 80 lakh to Rs 1.5 crore. The remaining 10% units fall in the ultra-luxury segment.
According to Anuj Puri, chairman Anarock Property Consutants, the developers are 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 Rs 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 said.