Homebuyers seeking de-risked ready-to-move-in properties can leverage the COVID-19 period to their advantage.
ANAROCK research reveals that out of the total unsold stock of over 6.44 lakh units in the top 7 cities (as on March 2020 end) nearly 12% or approx. 78,000 homes are ready-to-move-in. The total stock of unsold RTM homes is worth about INR 65,950 crore.
Anuj Puri, Chairman - ANAROCK Property Consultants says, "Of the total unsold ready stock, MMR and Pune together have approx. 35,200 units, which are collectively worth INR 37,550 crore. This accounts for 57% of the total value of ready unsold homes across all top 7 cities.”
Although construction activity is completely halted all across, first-time homebuyers are at an unprecedented advantage to negotiate good deals on ready-to-move-in options and simultaneously benefit from all-time-low interest rates of 7.15% to 7.8%.
The COVID-19 lockdown has accelerated technology-led homebuying in India, making it possible to inspect properties online as well as negotiate and finalize deals. Virtual site visits are now a firm reality and a large chunk of the property selection and purchase process can now be done digitally.
"The lockdown period has kick-started rapid technology-led evolution on the Indian real estate market," says Anuj Puri. "Some states are now also mulling the introduction of e-registration of property documents, thereby completing the entire value chain. This is necessary since physical site visits are unlikely to pick up quickly even after the lockdown ends, as both buyers and sellers will remain wary."
Altogether, the top 7 cities had a total unsold stock of nearly 6.44 lakh units by March 2020-end, of which nearly 12% (or approx. 78,000 units) are ready-to-move-in.
Of the top cities:
Anuj Puri, Chairman of ANAROCK Group is a highly respected industry authority and thought leader with 30 years' experience in leveraging Indian and global real estate opportunities. His company ANAROCK has a staff complement of over 1800 qualified and experienced professional, with offices in all major markets in the country, dedicated services in Dubai and a global footprint with over 80,000 preferred channel partners.