The top seven cities across the country may see nearly 2.75 lakh new ready-to-move homes over the next one year of which over 41 percent units will be in the affordable segment, 33 percent will be in the mid-segment category and only 10 percent in the luxury and ultra-luxury segments, according to a report by Anarock Research.
Affordable segment houses are priced below Rs 40 lakh, mid-segment units are in the range of Rs 40-80 lakh. As many as 16 percent houses will be priced between Rs 80 lakh to Rs 1.5 crore. Those above this range consist of luxury units, the report said.
Of the total 2.75 lakh units to complete by December 2020, NCR will see the maximum inventory of nearly 68,070 units, followed by MMR with 56,760 units and Pune with 44,480 units. Bengaluru, Hyderabad and Chennai will be 37,860, 17,100 units and 10,860 units of ready supply respectively.
NCR tops the list with 46 percent of the total 68,070 RTM units to hit this market by 2020 end in the affordable category. 38 percent will be in the mid-segment and just 3 percent (2,040 units) in the luxury and ultra-luxury segments, the report said.
Pune comes second with 60 percent of the total 26,690 units to be completed by December 2020 in the affordable segment. As many as 33 percent (approx. 14,680 units) will be in the mid-segment, about 5 percent in the Rs 80 lakh - 1.5 Crore budget range, and just 2 percent (approximately 890 units) priced over Rs 1.5 crore.
MMR comes third with a ready affordable inventory of nearly 25,540 units to hit this market over the next one year, followed by 13,620 units in the luxury segments priced more than Rs 1.5 crore, 9,080 units priced between Rs 80 lakh to Rs 1.5 crore, and the least in mid-segment with approximately 8,510 units.
The report noted that there are currently 13.1 lakh units, launched between 2014 to the third quarter of 2019, in various stages of construction in the top 7 cities. Nearly 21 percent are to be delivered by 2020-end.
"RERA is gaining stronger ground in most states and many of these projected 2.75 lakh units are likely to be completed on time by December 2020. Delhi-NCR may see some projects delayed by a few months due to the construction ban. Also, developers are keenly aware that ready-to-move homes are in greatest demand and will spare no effort in completing their projects on time," said Anuj Puri, Chairman - ANAROCK Property Consultants.