The top 7 cities may see nearly 2.75 lakh new ready-to-move (RTM) homes over the next one year, provided developers stay on schedule. There are currently 13.1 lakh units, launched between 2014 to Q3 2019, in various stages of construction in the top 7 cities. Nearly 21% are to be delivered by 2020-end. Among the top 7 cities, NCR will see maximum RTM supply with 68,070 units, and Chennai the least at about 10,860 units.
“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. Delhi-NCR may see some projects delayed by a few months due to the construction ban. Also, developers are keenly aware that ready-to-move homes are in greatest demand and will spare no effort in completing their projects on time,” Anuj Puri, chairman, Anarock Property Consultants said.
According to Puri, most buyers are focused on the affordable and mid-segments (priced below Rs 80 lakh) and will have ample choice once this ready inventory hits the market by the end of next year. “A whopping 74% – or approximately 2.04 lakh units – fall in these two segments,” he added.
Of the total 2.75 lakh units to complete by December 2020, NCR will see the maximum inventory of nearly 68,070 units, followed by MMR 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, approximately 15,690 units will be added by the end of 2020.