On Offer 46K Unsold Ready Flats This Year : Anarock Survey
Real Estate researchers Anarock has stated in a report, India will have around 1.7 Lakh unsold ready flats by the end of 2018 and the National Capital Region (NCR) will account for the lion’s share at 28%.
Of the 46,700 unsold ready flats that NCR will have, Greater Noida will have the maximum number of such houses at 13,100, while Noida and gurgaon will account for 4,670 and 8,900 houses, respectively, according to the report.
There is more than a generous stock of ready to move in housing options across Indian cities. Ready properties are attractive for multiple reasons, especially because they involve in the least risk. Those dealing in real estate have pointed out that the housing has experienced a major shift across the country in 2017 with the implementation of the GST and RERA and fresh projects have been affected.
An increasing pressure from homebuyers and state governments to deliver houses in time has also driven builders to focus on giving flats rather than fresh launches. In the beginning of 2018, India’s real estate sector has reported over 7 Lakh unsold properties.
This mammoth unsold inventory has already turned the Indian real-estate arena into a buyer favouring market. Now, there will be a huge opportunity to cherry pick unsold ready flats this year. The market could see a massive return of buyers.
According to Anarock, Greater Noida has topped the list of unsold inventory with 61,784 flats in the first month of the year, followed by Gurgaon at 45,252. While Noida has 25,459 unsold flats in the beginning of 2018, there are 70,000 such houses in Delhi, Faridabad and Ghaziabad combined.
Because of the major share of unsold ready flats by the end of this year, the price of properties is also expected to remain stable in NCR. Of the houses due for completion in NCR, 44% will be in the price range of less than Rs 40 Lakhs, 40% will cost Rs 40-80 Lakhs, 10% in the price bracket of Rs 80 Lakh to rs 1.5 Crore and 6% above 1 crore.
Anarock has also identified five areas in NCR that it says have the potential to become hubs for affordable housing in the country. Five areas are Sohna in Gurgaon, Rajnagar extension in Ghaziabad, Yamuna Expressway Greater Noida (West) and Bhiwadi, these zones accounting for nearly 48% of NCR’s total affordable housing units.