5 lakh homebuyers to get possession of new homes in 2013
New Delhi- After a prolonged wait of five-six years, nearly 5 lakh home buyers in India are expected to get possession of their new homes.
According to an estimate of Property research firms Liases Foras and PropEquity as well as property consultancy CB Richard Ellis (CBRE), around 4.5-5 lakh homes will be ready to occupy in 2013, which is supposed to be the highest in a single year.
Last year, only 2.5 lakh homes were delivered and most of them were part of residential projects that were launched in 2006, 2007 and 2008. Since the completion of those projects had been delayed for a variety of reasons, the possession date had been postponed for 2-5 years.
A real estate market expert said that 2013 is being dubbed as the ‘year of deliveries’. Several residential projects in India across major cities which had been delayed for many years are nearing possession currently.
Investors constitute 40 to 50 percent of the buyers in cities like Gurgaon, Noida and Navi Mumbai. The price tags for under-construction properties in such cities may not be reasonable, observe market analysts. An increase in supply of new residential units later this year is likely to alter the prices of both under-construction and ready-to-move-in properties.
The data from the real estate sector is not being compared and analysed properly by the Indian government which is a major reason for this demand-supply imbalance in the residential realty sector.
However, Liases Foras supplies data to the largest mortgage company of India, HDFC, while PropEquity works with leading real estate companies. As per the data obtained, these two firms have claimed that almost a third of the new home deliveries would be for projects in Delhi-National Capital Region. Among those projects most of them are located on the Noida-Greater Noida expressway and Gurgaon.
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