Real estate is one of the most popular sectors in Kolkata today. People are concerned with buying properties and establishing a secure future. This is a growing mindset which real estate groups are aware of. In fact 2.75 Lakh ‘Ready Homes’ are to hit top 7 Cities by end of 2020, 41% being in the affordable category.
Top 7 cities may see nearly 2.75 lakh new ready-to-move (RTM) homes over the next one year, if developers go according to schedule. Currently 13.1 lakh units were launched at various stages in top 7 cities between 2014 to Q3 2019. Nearly 21% of them are to be delivered by end of 2020.
Facts and Figures:
Out of the total projected ready supply:
• Over 41% amounting to nearly 1.13 lakh units, will be in the affordable segment. These are priced below INR 40 lakh.
• 33% which is approximately 90,770 units, will be in the mid-segment priced at INR 40-80 lakh price range.
• 16% are in the INR 80 lakh – 1.5 Crore budget range
• Only 10% in the luxury and ultra-luxury segments.
What buyers get by 2020 end:
Homebuyers seeking affordable and mid-segment properties in top 7 cities will be spoilt for choice with ample RTM homes over the next one year. 1.13lakh of 2.04 lakh ready units will be in the affordable category.
These are priced within INR 80 lakh which will hit top 7 cities over the next one year and over 90,800 units in the mid-segment. Another 44,000 units are in the price budget of INR 80 lakh to INR 1.5 Cr and over 27,500 units are priced more than INR 1.5 Crore.
Affordable RTM Supply – City-wise Trends:
NCR:
NCR tops the list with 46% of the total 68,070 RTM units to hit this market by 2020 end in the affordable category. 38% will be in the mid-segment and only 3% which equals to 2,040 units in the luxury and ultra-luxury segments.
Pune:
Pune comes second with 60% of the total 26,690 units to be completed by December 2020 in the affordable segment. 33% which is approximately 14,680 units. This will be in the mid-segment, about 5% in the INR 80 lakh – 1.5 Crore budget range and just 2% which is approximately 890 units priced more than INR 1.5 Crore.
MMR:
MMR comes third, with a ready affordable inventory of nearly 25,540 units to hit this market over the next one year. This is followed by 13,620 units in the luxury segments priced more than INR 1.5 Crore.
9,080 units are priced between INR 80 lakhs – 1.5 Crore and the least in mid-segment with approximately 8,510 units.
Kolkata:
Kolkata will see more ready affordable supply which is approximately 9,510 units over the next year than any of the southern markets of Bangalore, Chennai and Hyderabad.
61% of the city’s total ready supply will be in the affordable budget range, 20% in the mid-segment, 12% in the budget range of INR 80 lakh to INR 1.5 Crore. Only 7% are in the luxury and ultra-luxury segments combined.
Bangalore:
Bangalore has an affordable ready supply which will account for just 12% share of the total 37,860 units, while the mid-segment comprises a whopping 48% share, followed by 31% of units priced within INR 80 lakh – 1.5 Crore. Nearly 3,400 units will be priced >INR 1.5 Crore.
Chennai and Hyderabad:
Chennai and Hyderabad will collectively see new ready stock of 5,400 units in the affordable category. Interestingly, Hyderabad will see most its supply approximately 6,670 units in the budget range of INR 80 Lakh – 1.5 Crore, followed by 5,470 units in mid-segment. 3,250 units are in the luxury & ultra-luxury category.
Expert Speak:
Anuj Puri, Chairman – ANAROCK Property Consultants says, “RERA is gaining stronger ground in most states and many of these projected 2.75 lakh units are likely to be completed on time by December 2020. Delhi-NCR may see some projects delayed by a few months due to the construction ban.”
He added, “Developers are also aware that ready-to-move homes are in greatest demand and will spare no effort in completing their projects on time.”
Puri also believes that most buyers are focused on the affordable and mid segments priced below INR 80 lakh. There will have ample choices once this ready inventory hits the market by the end of next year. A whopping 74% or approximately 2.04 lakh units fall in these two segments.
Of the total 2.75 lakh units to complete by December 2020. NCR will see the maximum inventory of nearly 68,070 units, followed by MMR with 56,760 units and Pune with 44,480 units.
Bangalore, Hyderabad and Chennai will be 37,860, 17,100 units and 10,860 units of ready supply respectively.
In Kolkata, approximately 15,690 units will be added by the end of 2020.
