With a maximum number of realty projects in the NCR getting either delayed or stuck for long durations, homebuyers are now opting for either ready-to-move-in or near-completion homes over newly launched and under-construction projects, according to a recent survey.
The NCR’s share of absorption of newly launched units in 2021 was 30%, which was the second lowest after Mumbai Metropolitan Region (MMR), which was at 26%.
As per the latest report of real estate consultants Anarock, NCR and MMR together comprise 76% share of the 6.29 lakh delayed/stalled units across the top cities. In NCR, of 40,050 units sold in 2021, only 30% were launched in the same year.
Prashant Thakur, senior director and head of research at Anarock, said, “The NCR and MMR saw the maximum number of delayed and stuck projects by all kinds of developers in the past. With large, reputed players gaining majority share, things are changing now. However, there is still a once-bitten-twice-shy way of thinking among homebuyers.”
Mohit Mittal, managing director of ROF group, said the homebuyers do not mind paying extra for ready-to-move-in projects as they have the satisfaction of being able to get their homes without any uncertainty. “The pandemic has surely taught everybody to live in the present. Trust, assurance, and reliability have become the game-changer in this sector,” he added.
However despite a poor rate of absorption, Gurgaon has seen significant increase in demand for premium and luxury homes, primarily due to the work-from-home (WFH) culture, low interest rates and preference for state-of-the-art amenities. The report states that, of 15,590 units sold in the city in 2021, around 30 per cent were priced above Rs 80 lakh. In 2019, the share was 24 per cent of a total of 13,250 units sold.
Aakash Ohri, the group executive director of the DLF real estate group, said, “One of the most significant trends this year has been an influx of demand for homes in luxury and above segment. Today’s discerning buyers have directed their purchase decisions towards luxury homes, wherein earlier they would invest in other asset classes or luxury goods.”
Amarjit Bakshi, CMD of Central Park, said, “Post-pandemic, people are looking for projects that will provide them with a better lifestyle, and also meet their health needs in a green setting. There is a surge in new design demands that include a home office, yoga space, decks offering natural light and ventilation. These demands are only being met by developers and luxury projects thereby giving a boost to the segment.”
Source : TOI
