Builders see hope in ready-to-move-in apartments
The preference for ready-to-move-in apartments in the backdrop of fears over deliveries is forcing realty developers to tweak their offerings to attract home buyers to such projects.
Ready apartments are emerging as the only other segment apart from affordable housing projects that is clicking with home buyers. The combination of affordable and ready-to-move-in apartments is offering further traction in sales.
In a significant trend seen in Indian real estate over the past few years, ready-to-move-in properties are seen as a good value proposition for discerning home buyers as they get to buy what they see.
Also, it helps mitigate risks associated with new projects including incessant delays, unscrupulous activities of few developers, etc. The biggest benefit for home buyers is that ready units do not attract the GST.
From the demand perspective, as per ANAROCK Property Consultants’ consumer sentiment survey for the first half of 2019, a good 36% prospective buyers preferred ready-to-move-in properties, followed by 24% who wanted a property that will be ready within the next 6 months.