The real estate market is about to witness an upsurge following the high demand for ready-to-move-in housing property. This new format brings in the concept of housing units that are entirely ready for occupancy and investment.
The construction unit faced a massive blow on the face owing to the pandemic. And, owing to that, the marketers have been caught within negative repercussions for the past two years.
But, this latest trend brings in new hope. Further, based on the analytics report, within the next two years, the 7 major cities, including ready homes in Kolkata, are about to witness the demand for move-in housing property.
What contained the real estate market growth?
Several factors, including the NBFC crisis and its after-effect, significant reforms introduced by the government, were the major boulders for the real estate market. This affected not only the construction process but also the buyers” decisions. There was a significant crunch in the liquidity which reduced the residential sale.
The present buyer has become cautious and understands the investment necessity, including where, when and how to invest. And, this major change has been brought in by the fluctuations in the financial condition, which affect every individual, business and community when hit by the pandemic waves.
Ready-to-move-in houses are the latest trends
The disruption and the uncertain real estate had to cope with the limited supply, huge demand and the pandemic. This opened up an excellent opportunity for the idea of ready-to-move-in projects.
Compared with under-construction homes, ready-to-move-in houses eliminate the risky venture of real estate investment. The buyer does not need to invest in something that is still in the process of making anymore. Instead, they can instantly infuse their money into the product.
There would be about 2.75 lakh new opportunities in the top seven cities by the end of the year. And among these, 62% comprises luxury and ultra-luxury segments. Further, about 84% of Indian home buyers are keen on investing in ready-to-move-in homes. The key benefit is that there is no possibility of the delay or the funds getting stuck in construction.
According to Anarock, a real estate consultant, in the years 2020 and 2021, 23544 furnished homes were up for sale, and these figures would be 52821 by 2022 and 2023.
What could you expect from the records?
Previously, about 15000 to 17000 units every year, but the graph declined marginally with the onset of the pandemic.
However, with the new prospect of infrastructural developments and new launches in several regions of Kolkata, the expectations for ready homes in Kolkata have revived. Thus, there has also been a dip in the price rate between ready-to-move-in homes and under-construction projects of 3-7%.
Based on the market rules, buyers usually get motivated to invest in real estate compared to other investment prospects. And, this idea of a less-risk investment has worked as a catalyst. A developed area would be the first choice to go to habitat. Moreover, 70% per cent of women in India prefer to invest in property over gold, which is another spur for accelerating the ready-to-use property.
In 2021, Kolkata witnessed about 11621 units, and in 2020, 11923 units of completed homes. Developers reported that there had been a mixed review from the buyers of Kolkata due to the third wave. But, the scenario is about to change.
Currently, industries are taking advantage of these ready-to-use homes to reduce inventory. The highest peak in unsold inventory in Kolkata was 29252 in 2017, which has declined to 14% in 2020 and 24% in 2021.
Conclusion
According to the Confederation of Real Estate Developers Association of India (Credai), Nandu Belani, Bengal chapter president, the spike in demand for ready homes in Kolkata will prepare the market for steady growth within the next few years.
As the ready-to-use housing property is taking a peak, getting a loan has become more accessible, and it also keeps the cash flow going – Thus, there is a mutual benefit between the seller and buyer. If you are looking for ready-to-move-in houses, browse through https://srijanrealty.com/.
