CHENNAI: Chennai has 32 per cent of unsold inventory of homes, which are ready to move in, giving aspiring homeowners plenty of choice this festival season, according to Anarock Property consultants.
Stating that over 81,300 unsold homes are ready for possession in the top seven Indian cities -- Mumbai, Delhi, Bengaluru, Pune, Hyderabad, Chennai and Kolkata -- this festival season, Anarock says that of the 31,380 unsold units in Chennai (as of September 2019), 32 per cent or approximately 10,164 unites are ready-to-move-in.
These unsold ready-to-move-in flats are exactly what the buyer is looking at right now, according to Builders Association of India Chairman (Southern centre) S Rama Prabhu.
Rama Prabhu told Express that the unsold inventory is attractive as it doesn't attract Goods and Service Tax (GST). He said that people are worried about the delay in completing ongoing projects so they are preferring ready-to-move-in flats. The number of unsold ready-to-move-in flats are likely to dwindle during the festival season, he opined.
S Sridharan, chairman of Confederation of Real Estate Developers Association of India, Tamil Nadu, told Express that the unsold inventory in Tamil Nadu was coming down. "The mantra is right price, right size and right location," he said, adding that developers were now going in for plots which were less than 1500sqft. "Anything above 1500sqft is difficult to sell," he said.
Anuj Puri, chairman of Anarock Property Consultants, said the data of current ready unsold inventory across top seven cities revealed that the maximum ready stock was in the affordable segment (priced at `40 lakh) followed by mid-segment homes. The luxury segments had the least ready stock.
Nearly 20 per cent of around 16,290 ready unsold units in the seven cities were priced between Rs 80 lakh to Rs 1.5 crore, he said. The prominent micro-markets with generous ready unsold stock in Chennai were Iyyappanthangal, OMR and Perambur with around 4,450 unsold ready units.
Key Chennai micro-markets
The prominent micro-markets with generous ready unsold stock in Chennai were Iyyappanthangal, OMR and Perambur with around 4,450 unsold ready units.
32% unsold units ready to move in
31,380 unsold units in Chennai as of Sept 2019. Of this, 10,164 are ready to move in