Demand for completed residential properties is rising compared to that for under-construction flats, as the share of ready-to-move-in homes in the total housing sales in 2020 rose to 21 per cent from 18 per cent in the previous year, according to News Corp-backed realty brokerage firm PropTiger.
A total of 1,82,640 units were sold in the 2020 calendar year, of which 21 per cent were in the RTMI (ready-to-move-in) category and 79 per cent were under-construction, PropTiger said quoting its Real Insight report for 2020.
In 2019, a total of 3,47,590 units were sold of which 18 per cent were RTMI, it said in a statement.
PropTiger research found that the share of RTMI in the total sales has been on the rise since 2016.
The share of RTMI in total sales during 2015 was 7 per cent, which increased to 10 per cent in 2016, 12 per cent in 2017, 15 per cent in 2018 and 18 per cent in 2019, the statement said.
“Risk-averse home buyers are increasingly opting for ready-to-move-in flats.
Even in under-construction properties, the preference is towards branded developers or those with an impeccable track record of execution,” said Dhruv Agarwala, Group CEO, Housing.Com, Makaan.Com and PropTiger.Com.
Among various cities, the share of RTMI units in the total sales was the highest in Chennai at 32 per cent and lowest in Hyderabad at 12 per cent, during 2020.
However, the share of RTMI units in the total sales increased the most in Delhi-NCR at 27 per cent in 2020, from 17 per cent in the previous year.