Homebuyers Prefer New Launch Homes
While ready-to-move-in homes remained the preferred choice for several homebuyers, new launches saw a decent revival according to consumer survey conducted by a leading IPC. Over 18% of respondents now prefer new launch properties as against mere 5% in the previous survey.
Interestingly, 44% NRIs would now consider new launch properties over under-construction (to be completed in 1 year) or ready-to-move-in homes (obviously a welcome development for developers facing funding issues due to previously negligible advance sales).
RERA implementation and lower GST rates immensely helped revive consumer faith in new launch properties. More than attractive prices, effective RERA enforcement influenced over 50% buyers in Delhi-NCR to take the real estate plunge in 2018. In Kolkata, nearly 58% of buyers took the plunge due to lower home loan rates.