What Drives The Demand For Ready-Possession Homes, Flats?
By Mr. Ashwinder Raj
Singh, JLL India
It is no secret that
ready-possession projects or projects nearing completion are costlier than
under-construction projects.
Nevertheless, many
buyers are eager to acquire property on an immediate basis rather than waiting.
There are sound reasons behind such a decision:
· Cost Differences..
The real estate sector
has gone through a serious down phase over the past couple of years, resulting
in lower new launches, price reductions and higher unsold inventories.
This has encouraged
developers to offer attractive deals, discounts and various freebies to attract
buyers of ready-to-move properties.
Therefore, it makes
sense for buyers to invest in a ready-possession project rather than wait for a
new project to come up over a period of time.
Also, prices are
beginning to rise again, and the market is looking up steadily - this is the
best time to invest in property, and a property that’s ready to be moved in
obviously has great appeal.
· Cost of Rentals..!
Most people buy their
homes with bank loans, and it becomes costly for them to keep paying EMIs as
well as the rentals till the builders complete their project and hand over the
house keys.
Paying a little bit
extra to acquire a house right away is cheaper than paying rentals over a
period of time, which is an additional cost for the buyer.
· Rental Income Potential..!
A lot of investors buy
houses with the objective of earning rental income or re-selling them to earn
profits.
Purchasing a property
in a completed project helps them to start earning immediately out of it
through rentals rather than waiting a few years and locking their money away in
a non-income generating project.
· Security..!
The real estate sector
is still fragmented, and there are a lot of fly-by-night operators who dupe
unwary buyers and investors by collecting the initial sums and then vanishing.
In these uncertain
times, people want security and assured returns, and finished projects offer
them this stability and guaranteed safety of a project.
· Uncertain Delivery Timelines..!
Unfortunately, the
cases of delayed delivery of projects have been on a consistent rise owing to
various factors plaguing the real estate sector. This directly impacts the
financial burden on a buyer, for whom the uncertainty costs a lot of money.
Also, the extended
periods of EMIs and other expenses take a toll.
Therefore, it makes
more sense for buyers to invest in a completed projects rather than ones that
is mid-way or about to begin.
 |
| Ashwinder Raj Singh, JLL India |
· Uncertain Support Infrastructure..!
A lot of new projects
are coming up in the vicinity of major cities where the supporting
infrastructure like roads, electricity, water connections etc. are not
developed.
These are promised
only when the projects are completed, but under-construction projects have to
wait for long periods of time.
This puts off the
buyers who want to move in their new homes and also derive the benefit of ready
infrastructure instead of waiting for basic amenities to be provided to them.
These are valid
concerns for buyers; and the demand for ready-to-move-in homes works equally
well for developers, who can offload their unsold inventory and get
much-required liquidity.
Mumbai Residential
Projects Status..!
|
Developer
|
Project
|
Location
|
Status
|
|
Omkar
|
Omkar Alta Monte
|
Malad East
|
Ready
Possession
|
|
Indiabulls
|
Indiabulls SKY
|
Elphistone
|
Ready
Possession
|
|
Kalpataru
|
Kalpataru Sparkle
|
BKC
|
Ready
Possession
|
|
Kalpataru
|
Kalpataru Horizon
|
Worli
|
Ready
Possession
|
|
Ahuja
|
Ahuja Towers
|
Prabhadevi
|
Ready
Possession
|
|
Shivalik Developers
|
Vision Crest
|
Dadar
|
Ready
Possession
|
|
Sheth
|
Beaumonte
|
Prabhadevi
|
Ready
Possession
|
|
Raheja
|
Raheja Vivarea
(Tower A, B, C)
|
Mahalaxmi
|
Ready
Possession
|
|
Ashford Constructions
|
Ashford Palazzo
|
Breach Candy
|
Ready
Possession
|
|
Soham Group
|
Soham
|
Napen
sea Road
|
Ready
Possession
|
|
Vijay Group
|
Vijay Residency
|
Thane
|
Possession
within 6 months
|
|
Lodha Group
|
Lodha Grande
|
Thane
|
Possession
within 6 months
|
|
JVM
|
Platinum Heritage
|
Thane
|
Possession
within 6 months
|
|
Acme Group
|
Acme Ozone
|
Thane
|
Possession
within 6 months
|
|
Larkins
|
Pride Palms
|
Thane
|
Possession
within 6 months
|
|
Paradise Group
|
Sai Mannat
|
Kharghar
|
Possession
within 6 months
|
|
Marathon
|
Marathon Nexzone
|
Panvel
|
Possession
within 6 months
|
|
Goodwill
|
Goodwill Pride
|
Panvel
|
Possession
within 6 months
|
|
Runwal
|
Runwal Greens
|
Mulund
|
Possession
within 6 months
|
|
Romell
|
Romell Grandeur
|
Goregaon East
|
Possession
within 6 months
|
|
Raheja
|
Raheja Ridgewood
|
Goregaon East
|
Possession
within 6 months
|
|
Lodha Group
|
Lodha Fiorenza
|
Goregaon East
|
Possession
within 6 months
|
|
Runwal
|
Runwal Reserve
|
Worli
|
Possession
within 6 months
|
|
Lodha Group
|
Lodha World Crest
|
Lower Parel
|
Possession
within 6 months
|
|
One Avighna Group
|
One Avighna Park
|
Lower Parel
|
Possession
within 6 months
|
|
Ekta
|
Ekta Invictus
|
Dadar
|
Possession
within 6 months
|
|
Benchmark
|
Solus
|
Bandra
|
Possession
within 6 months
|
|
Lodha Group
|
Lodha Luxuria
|
Thane
|
Ready Possession
/ Possession
within 6 months
|
|
Radius
|
Radius Imperial
Heights
|
Oshiwara
|
Ready Possession
/ Possession
within 6 months
|
|
Sheth
|
Sheth Vasant
Oasis
|
Andheri East
|
Ready Possession/
Possession
within 6 months
|
|
Lodha Group
|
Lodha Eternis
|
Andheri East
|
Ready Possession/
Possession
within 6 months
|
About the author..
Ashwinder Raj Singh is CEO – Residential Services at JLL India.jpg
For media contact
Arun Chitnis
Head – Corporate
Communications & Media Rela tions
JLL India
Level 6, Amar Avinash
Corporate Plaza
Bund Garden Road,
Pune - 411001.
Tele: 020 30930441
Fax: 020 40196101
Mob: +91 9657129999
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