Real estate in Shela - ready to move

 


The real estate sector lacks ready-to-move-in inventories. About 19 per cent of the units sold were ready-to-move-in (RTMI) properties, while the remaining 81 per cent were under construction or new launches. The survey said that 58 per cent of the potential homebuyers were looking for RTMI properties.

According to the report, property prices registered a 6 per cent YoY hike in Q3 2022 across the top eight cities - Ahmedabad, Delhi NCR (Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), Chennai, Bengaluru, Hyderabad, Kolkata, Mumbai metropolitan region popularly known as MMR (Boisar, Dombivli, Mumbai, Mazagaon, Panvel, Thane West), and Pune.

The surge in inflation, hike in input costs and premium charged over ready-to-move-in properties continued to put upward pressure on property prices across major cities.

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The survey finds a significant decline in the inventory overhang - dipping to 32 months during Q3 2022 from last year’s 44 weeks in Q3 2021. This comes on the back of sustained sales momentum as the sector steadily recovers from the pandemic’s impact. Kolkata had the lowest inventory overhang in Q3 2022 (24 months), while Delhi NCR experienced the highest (62 months).

Moreover, the overall unsold inventory in Q3 2022 stood at 7. 85 lakh units, with nearly 21 per cent of the unsold inventory in the top 8 cities falling in the RTMI category.

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