Chennai: Stricter compliance of RERA will make nearly 2.75 lakh new ready-to-move houses available in top seven cities over the next one year. This is 21 per cent of the under-construction units in these cities.
According to property consultants, Anarock, developers have to complete their projects on time as per the new RERA norms. Though currently the demand is slow, they hope that demand will pick up by next year, especially in the affordable housing segment. Ready-to-move units usually meet higher demand as they do not attract GST.
“RERA is gaining stronger ground in most states and many of these projected 2.75 lakh units are likely to be completed on time by December 2020. Developers are aware that ready-to-move homes are in greatest demand and will spare no effort in completing their projects on time,” said Anuj Puri, chairman, Anarock.
Over 41 per cent or 1.13 lakh units will be in the affordable segment, 33 per cent or 90,770 units in the mid-segment and 16 per cent in the Rs 80 lakh - Rs 1.5 crore budget range. Only 10 per cent will be in the luxury and ultra-luxury segments. “Most buyers are focused on the affordable and mid segments and will have ample choice once this ready inventory hits the market by the end of next year. A whopping 74 per cent or 2.04 lakh units fall in these two segments,” he added.
NCR will see the maximum inventory of nearly 68,070 units, followed by Mumbai Metropolitan Region with 56,760 units and Pune with 44,480 units. Bengaluru, Hyderabad and Chennai will be 37,860, 17,100 units and 10,860 units of ready supply respectively. In Kolkata, around 15,690 units will be added by the end of 2020....