PNMOD RAY, E DELHI The home buyers of Delhi-NCR , which have
been experiencing slowdown in the property market and heavy inventory for a long time, have rapidly changed their priorities. 94% of the people looking for property here want to buy either a ready to move-in house or an under-construction flat which is going to be completed within six months. Of these, 48% want to have a fully finished house. NCR, especially in Noida, has a poor record of project delivery for the last few years, due to this trend of customers, the absence of GST on ready to move in property is also being cited as a big reason.
Anuraj Puri, chairman of Ainrock Property Consultants, based on his recent Consumers’ Sentiment Survey, said that Delhi-NCR has been at the top in terms of customer complaints and is still lagging behind big cities like Bengaluru and Mumbai in recovery from recession. Its going on. Nearly 2 lakh units launched after 2013 in NCR are still pending at some stage, of which 1.30 lakh are in Noida and Greater Noida. This is 65% of the total inventory of NCR.
Buyers has changed his perspective for several reasons. According to the survey, 94% of the people who want property in NCR want to buy ready-to-move in or ready-to-buy houses within six months. 48% want a complete ready to move in home. The biggest reason behind this is the confidence of buyers. Puri said that Ready to Move in these houses instills confidence in the customer that what he sees and will get.
GST implemented after July 2017 is also a big reason, which is currently only on under-construction properties and not on ready to move in. 12% GST matters for buyers. A third reason has also emerged that the difference between ready to move in and the prices of under construction houses is gradually decreasing. If the price of ready home is slightly higher then the value is sure there.
According to the survey report, there are 4.25 lakh ready to move in houses in the top 7 cities of the country, which were launched after 2013. While around 7.75 lakh units in the projects launched during this period are in pending condition. In the festive season in NCR, only 3770 units have come as new supplies, which is very limited. In such a situation, the demand graph is moving upwards.
