Market leaning towards ready-for-possession projects
It appears that a bird in hand is worth more than two in the bush as far as the Indian property buyer is concerned.
According to recent surveys, the Real Estate market has shown a definite trend in favour of projects that are ready for immediate possession, or slated for possession within one year. This is due to the gradual erosion of consumer confidence over the years, in the fact that builders will stick to their word and deliver nascent stage projects on time.
It has also been noted that buyers who want to actually live in the properties they are buying, are all the more adamant on a "touch and feel" experience with the property, whereas people buying for investment purposes are more willing to invest in work-in-progress projects.
The most time sensitive markets are Bombay and Delhi NCR, with almost 90% of poll respondents voting in favour of putting their money into completed projects.
Panvel is set to have the maximum supply of ready-to-move-in homes of about 10,892 units in 2016, followed by Whitefield in Bengaluru with about 10,232 units. In Ahmedabad, the world class Adani Shantigram Township has put up hundreds of themed ready-for-possession units.
Amdavadis responded well to its call for enquiries, and flats at its one-of-a-kind 'Sports Living' property "The Meadows" have been selling out at a rapid rate.