According to a report by Anarock Property Consultants, around 78,000 ready-to-move-in housing units, valued at Rs 65,950 crore, remain unsold in the country. It accounts for nearly 12 per cent of the 6.44 lakh unsold units in cities. The report suggests that homebuyers seeking de-risked ready-to-move-in properties can leverage the COVID-19 period to their advantage.
The Indian residential sector has been grappling with subdued demand for the past few years. In an attempt to stay afloat amidst changing dynamics, developers tried to pull all levers like restricting supply, focussing on execution, reducing unit sizes and developing affordable housing projects. However, the liquidity crisis initiated by IL&FS fiasco and subsequent fallouts of various financial institutions further impacted residential sector.
According to the report, although construction activity is completely halted across India, first-time homebuyers are at an unprecedented advantage to negotiate good deals on ready-to-move-in options and simultaneously benefit from all-time low interest rates of 7.15-7.8 per cent.
Anuj Puri, Chairman, Anarock Property Consultants, said: “Of the total unsold ready stock, MMR and Pune together have approximately 35,200 units, which are collectively worth Rs 37,550 crore. This accounts for 57 per cent of the total value of ready unsold homes across all top seven cities.”
The National Capital Region (NCR) has around 15,600 unsold ready units, followed by Bengaluru with nearly 10,100 apartments. Hyderabad has least unsold ready stock of around 2,400 homes worth Rs 1,870 crore.
With new launches coming to a screeching halt at least for the next few months until we see COVID-19 containment in the country, homebuyers may spring into action during the second half and select from the existing unsold inventory from projects across various stages of construction.