There has been a significant rise in demand for ready to move in flats across the country. With many projects stuck, home buyers are leaning more towards ready-to-move-in units than newly launched projects. According to an online survey by property consultant ANAROCK, conducted in seven major cities of the country including Delhi NCR, Mumbai, Pune, Chennai, Hyderabad, Bengaluru, and Kolkata, about 49% of home buyers are looking for ready to move in property, 35% are looking to buy a property that will be ready in next six months while 11% favored property that will be completed in a year and only 5% interested in newly launched projects.
There are various reasons for the low demand for newly launched projects and high demand for a ready-to-move-in property like default and significant delays in delivery of housing projects. Lakhs of buyers in Delhi NCR alone are stuck in projects announced by various developers who have either claimed bankruptcy or are continuing with huge delays in delivery of the flats. So the majority of the prospective home buyers are looking for properties that are ready to move in or ones that will be completed within the next six months.
There is a lot of motivation to buy ready to move in flats with GST savings also available. So the home buyers are not in the mood of waiting for the property. If you are also a home buyer looking for a ready-to-move-in property in Delhi NCR then Gulshan Botnia is a must check out. It has all the amenities that you look for in your dream home. It is constructed by one of the most trusted brands in real estate Gulshan, who have delivered many fantastic projects over the past 3 decades of their existence and made housing dreams come true for thousands of families.
Following are the main reasons for the high demand for Ready to move in homes:
Safety from default and delay in Delivery of Projects
Default and delay in delivery of projects is one of the main reasons why buyers are shying away from newly launched projects. There have been a lot of projects in recent times in which the developers have made defaults and huge delays in deliveries of projects. So buyers have become cautious to not get stuck with such projects.
The pandemic has also had an effect on the buyer mentality. Where previously buyers were ready to wait for a property by investing early and getting a bargain on the property but the uncertainty that Covid-19 brought, the buyers want to own a real estate right away. They are not looking to wait even if it costs them more money. The lockdowns have been tough for quite a few people who were staying in rented homes. So these people have also realized the importance of owning a home.
Low Rate of Interest on Home Loans
With the rate of interest on home loans at an all time low a lot of people are thinking about buying a home. There is also the benefit of being able to see what you will get with ready to move in homes. There is no mystery as to how the flat will look when it’s done. No matter how many floor plans and maps you see, looking at the actual thing is completely different.
The NRI situation
Many NRIs have faced tough times abroad during the pandemic so they want to buy a home in India just as a safety in case of exigencies. They have also given preference to ready to move in homes or homes that will get completed in near future.
Ready-to-move-in homes are the flavor of the season, if you want to get in on the act make sure to check out Gulshan Botnia who has 2 & 3 Bedroom Apartments located on Sec– 144, Noida Expressway.