The past two years showed us that ‘uncertainty’ can knock our doors at any moment and all plans can fail. The pandemic and its aftermath laid a great deal of impact on peoples’ minds. In the context of real estate, this impact transformed the approach and mentality of home-buyers.
Where earlier the buyer used to wait for a property by investing in its initial or soft launch state for getting a better bargain, now they want homes where they can shift right away even if it costs them slightly more money.
Another major reason for this significant rise in demand for ready-to-move in properties is because many projects got stuck in the pipeline during and post Covid-19. Scores of people reported that they are reeling under default and significant delays in delivery of housing projects. Lakhs of home buyers are caught in housing projects by developers who have now either announced bankruptcy or are continuing with huge delays in delivery of the flats.
As per an online survey conducted in seven major cities of the country by ANAROCK, around 49% of home buyers are keen on having ready to move in property, 35% are looking to purchase 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.
So, at present, the real-estate market is full of prospective home buyers who want properties that are ready to move into flats where they can get full assurance of possession at the time of making the payment.