Demand for ready-to-move-in properties continues to grow: Report
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The share of ready-to-move-in (RTMI) homes in the total housing sales in the primary market, rose to 21 per cent in the pandemic-hit 2020, from 18 per cent in the previous year, as more and more home buyers preferred completed apartments to avoid the risks attached with under-construction properties, showed a report by PropTiger.com.
In its latest 'Real Insight Residential-Annual round-up-2020', PropTiger said that a total of 1,82,640 units were sold in the 2020 calendar year, of which 21 per cent were in the ready-to-move-in category and 79 per cent were under construction.
In 2019, a total of 3,47,590 units were sold of which 18 per cent were completed properties. PropTiger research found that the share of ready-to-move-in properties in the total sales has been on the rise since 2016.
The share of RTMI properties in the total sales during 2015 was 7 per cent, which increased to 10 per cent in 2016, 12 per cent in 2017, 15 per cent in 2018 and 18 per cent in 2019.
"Risk-averse home buyers are increasingly opting for ready-to-move-in flats. Even in under-construction properties, the preference is towards branded developers or those with an impeccable track record of execution," said Dhruv Agarwala, Group CEO, PropTiger.com.
Among various cities, the share of ready-to-move-in units in the total sales was the highest in Chennai at 32 per cent and lowest in Hyderabad at 12 per cent, during 2020. However, the share of RTMI units in the total sales increased the most in the Delhi-NCR at 27 per cent in 2020, up from 17 per cent in the previous year.
