Developers pushing for ready to move in properties after RERA
Sep 07, 2017 Real Estate News
RERA has slowed down the launches of new real estate projects and sale of under construction properties. And developers are also hugely promoting ready to move into apartments. One of the main reason being there are least investors in the market and the ones who are buying or interested in properties are the end users who are not ready to take any kind of risks looking at the market condition. End users go for ready to move in projects where they can shift immediately. Hence developers are also playing big on such projects with a lot of lucrative discounts and offers. This is evident through the newspapers these days that are full of advertisements and promotional features related to finished projects only.
Moreover, ready projects having occupation certificates (OCs) are kept out of RERA and GST, so it became easy for the builders to promote and sell these projects. This trend is quite different from the previous one which includes pushing the under construction projects as now those ones need to get registered under RERA first and there are other strict norms that builders have to follow.
Builders having under construction are now focusing on completing those and then market them. As earlier, it was an investor driven, buyers did not care whether it's a finished or an unfinished project but now it's a buyer per se market. Finished products tend to get sold quickly.
According to a data by Liases Foras, presently ready to move in properties counts about 25 percent of the country’s total housing sales. In one year, about 75,000 ready apartment had been sold across 51 cities.
Buyers are ready to pay the full down payment and get the keys as early as possible. Although the real estate market is still slow but with end-users slowly and steadily making a come back in the market and showing interest the real estate sector can hope for some good scenario in near future.
Moreover, ready projects having occupation certificates (OCs) are kept out of RERA and GST, so it became easy for the builders to promote and sell these projects. This trend is quite different from the previous one which includes pushing the under construction projects as now those ones need to get registered under RERA first and there are other strict norms that builders have to follow.
Builders having under construction are now focusing on completing those and then market them. As earlier, it was an investor driven, buyers did not care whether it's a finished or an unfinished project but now it's a buyer per se market. Finished products tend to get sold quickly.
According to a data by Liases Foras, presently ready to move in properties counts about 25 percent of the country’s total housing sales. In one year, about 75,000 ready apartment had been sold across 51 cities.
Buyers are ready to pay the full down payment and get the keys as early as possible. Although the real estate market is still slow but with end-users slowly and steadily making a come back in the market and showing interest the real estate sector can hope for some good scenario in near future.
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