The NCR housing sector has turned into a buyers’ market. With most development firms focusing on deliveries, buyers ate likely to benefit from plenty of options everywhere. Ankit Ihaan Sharma writes .
Developers are focusing on the completion of their current projects. As a result, the NCR market could likely see the completion of several projects in the next six month.
Some large projects may also see completion of several towers in the next six months. all this supply of units in NCR will add up to existing inventory. Sales and demand are likely to remain higher than the supply .
Experts and developers belive that the trend indicates a rise in supply in the coming quarters. The latest ANAROCK report, states: “The unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing, and innovative business practices have served to soften the overall impact of Covid-19 on the Indian residential sector. Housing market In the Top 7 cities is likely to attain a new peak by 2023 when housing sales are estimated to cross 3.17 lakh units and new launches by 2.62 lakh units during the year NCR may comprise 18% share of sales – and 15% of new launches.”
Rajeev Mehrotra, a Noida-based consultant, says: “Since the regularization of the sector in 2016, transparency, accountability, standardization have increased. We see a change in the mindset of buyers, as they are more confident now, expecting timely deliverles and updates on their projects.
Current status: The primary destinations falling under the NC include Noida- Greater Noida, Gurugram, Faridabad, Ghaziabad, and various other satellite towns.
With several projects already registered under the RERA across states, developers. too, are bound to complete projects on time. But, in recent times, some developers have been given extension in their completetion date.
Early signs of the trend are already visible.
Vijay Pandey, a broker operating in Ghaziabad and Noida, says: “Developers are pushing hard to complete projects. In such a scenario buyers are likely to benefit. There are scores of examples, where entire projects have been booked. It is more prevalent on sites, which are nearing completion. It is also Impacting supply: We may see a surge in properties in the secondary market for sale and rents, especially in micromarkets like new Golf Course Road, Golf Course Road Extension, Dwarka Expressway, Sohna Road, Greater Noida West, Indirapuram, parts of Ghaziabad and Noida Expressway.”
While it will put pressure on current inventory levels and firms, there will be enough for buyers to select.
Market outlook: Most Supply as per market estimates, will be in upper-mid to affordable segments. Firms are bringing a mixed bag of affordable, mid-income and luxury housing projects.
“In the festival season, we are expecting sales to pick up, especially in the affordable mid-income segment, where launches have also in creased:’ Nitin Grover, a consultant operating along Dwarka Expressway, said.
According to the latest CII ANAROCK Consumer Sentiment Survey for the first time, affordable housing is lowest priority with more than 34% of the respondent home seekers focused on properties priced between Rs 90 lakh to Rs 2.5 crore.
While 35% favour properties priced between Rs 45-90 lakh, just 27% of the respondents voted in favour of affordable housing (priced under Rs 45 lakh). In the H2 2020 survey, nearly 36% of the respondent property seekers eyed budget housing, the survey report said.
“People want to live, exercise, and enjoy life in healthier ways now that the vaccination campaien is in full swing. These decisive variables shifted consumer perceptions, resulting in a surge in demand for larger and better homes,” Vijay Verma, CEO of Sunworld Group, says.
Siddharth Katyal, director (planning and strategy) Omaxe Ltd. said: “Demand for bigger housing has grown significantly across markets. The Delhi NCR region witnessed a 12% increase in the sale of 3BHK units during first quarter of 2021.”