1 min read.Updated: 06 Jul 2021, 03:19 PM ISTRenu Yadav
The share of such properties has been lower because project completions took a hit last year due to pandemic-induced lockdowns
NEW DELHI: Of late, there has been marked preference for ready-to-move-in (RTM) houses to avoid the risk of delay in construction. However, in the first quarter of financial year 2021, the share of ready-to-move-in properties dropped to 16%, the lowest in eight quarter, as per the data from PropTiger Research. In the last quarter of FY20, the share of such properties in total sales was 21%.
“The share of RTM in sales have dropped on account of various reason. One we have seen increased demand from Tier2 or Tier 3 location where there may not be enough RTM supply available. Apart from this, in the under-construction space, developers have come out with attractive discounts and schemes to attract buyers. Under construction properties are generally better priced than RTM properties," said Mani Rangarajan, Group COO, Housing.com, Makaan.com and Proptiger.com.
Rangarajan, however, said that the dip in share of ready-to-move-in houses is not significant and should be seen in line with the current scenario. The share of such properties has been lower because project completions took a hit last year due to pandemic-induced lockdowns. Around 5 lakh units are likely to be delivered this year, said Rangarajan.
“Also, the fact that reputed developers have come out with new launches during April-June quarter may have encouraged people to go for under-construction properties," added Rangarajan while releasing Real Insights, a quarterly report.
Real Insights tracks data on sales and launches across the major cities.
As per the report, sales in the first quarter of 2021 fell 16% year-on-year and 76% sequentially. The January to March quarter saw record sales supported by stamp duty cuts, attractive schemes from developers and low interest rates.