Festivals bring prosperity and good fortune to one’s home, and according to the Hindu calendar, the festive period is considered an auspicious time to start something new. As a country, we are culturally vibrant and driven by many religious beliefs. Most people wait for the festive season to make long-term investments, and one of them is purchasing a home. The dream home that buyers invest in evokes many emotions as it is a life-long investment.
Demand for ready-to-move-in (RTMI) homes has increased in the recent past due to the pandemic people are showing an inclination towards RTMI homes more than ever. A report by the real estate consultancy firm PropTiger has noted that the share of ready-to-move-in homes of the total number of homes sold in 2020 inched up to more than 20%, as new homebuyers chose safer options. The demand for these homes has transformed, with people ready to pay extra to ensure that they immediately own a real estate asset. According to a recent survey by CII-Anarock conducted between January and June 2021 with a sample size of 4,965 participants, strong housing demand is expected during the upcoming holiday season compared to last year. Almost 80% of respondents prefer to purchase ready-to-move-in and near-completion homes. As per the survey findings, ready-to-move-in property continues to be the most preferred among the prospective buyers, with 32% in favour. While ~24% of respondents are willing to buy properties that will be ready within six months, and 23% do not mind buying homes that be ready within a year.
Many individuals understood the importance of owning a home during the lockdown as everyone was confined within their four walls. Homebuyers who were wary of buying apartments in suburban areas due to travel constraints are now ready to take the plunge. Risk averse consumers are increasingly choosing ready-to-move-in apartments. Even when it comes to under-construction properties, branded developers or those with a proven track record of success are preferred. These trends have led developers to focus more on their existing inventory, with new launches taking a back seat. Besides, to promote their existing inventory sales, developers are introducing unique offers such as reduced stamp duty, move-in and pay later, and GST equivalent benefits, amongst others, to enable ease of buying for consumers.
Keeping in sync with the industry trends, developers are offering schemes such as Zero Pre EMI, Stamp Duty Reduction, low interest rate etc. This festive season is the best time for individuals who are looking to buy into ready to move in or closer to possession.
(The writer is Sr. Executive VP, Sales, Piramal Realty)
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