More and more homebuyers prefer move-in properties to reduce the risk of execution. The share of ready-to-move-in properties in total sales has risen to 21% in 2020 from 7% in 2015, according to a new report.
According to the “ Real Insight Residential-Annual Round-up-2020 ” report published by PropTiger, a total of 182,640 units were sold in the 2020 calendar year, of which 21% were in the move-in category and 79 % were under construction.
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The share of ready-to-move-in homes has steadily increased as buyers do not want to take the risk of delaying ownership. In the past, a large number of projects have been delayed causing people to be wary of properties under construction. Developers typically offer advantageous payment plans for properties under construction, making them relatively cheaper than ready-to-move-in properties.
“Risk averse homebuyers are increasingly opting for ready-to-move-in apartments. Even in buildings under construction, preference is for branded developers or those with a track record of impeccable execution, ”said Dhruv Agarwala, group CEO, Housing.com, Makaan.com and PropTiger.com.
In 2019, a total of 347,590 units were sold, of which 18%, or 62,566, were in the ready-to-move-in category.
Among the various cities, the share of ready-to-move-in units in total sales was highest in Chennai at 32% and lowest in Hyderabad with 12% in 2020. However, the share of ready-to-move units in the Total sales increased the most in the Delhi-NCR region to 27% in 2020, up from 17% the year before.
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