Chennai Residents Ready to Move In!

Government Initiatives

The Indian real estate sector faced significant setbacks due to the COVID-19 pandemic and lockdowns. In response, the central government announced various incentive schemes to boost the sector. Similarly, several state governments, notably Maharashtra, introduced benefits such as tax reductions and fee waivers to encourage real estate business.

Major Shift in Real Estate Sector

Due to these measures and the changing preferences of Indian people, there have been substantial changes in the real estate sector.

Real Estate Business

Typically, in India, a real estate project gets sold out within a few months of its announcement, especially if it's a project by a well-known company. 

Changes Post-2020

However, post-2020, there has been a significant shift in the perspective towards real estate business among people. Particularly, those planning to buy houses in 2020 and 2021 were not willing to take risks.

Ready-to-Move Homes

According to a report by PropTiger, the demand for ready-to-move-in homes has significantly increased in the Indian real estate sector. Not only has the sale of these fully constructed homes surged, but the demand for them is also very high.

Sharp Increase

The percentage of ready-to-move-in homes, which was just 7% in 2015, rose to 21% in 2020, marking a significant change in the real estate landscape.

The Reality

This shift indicates that homebuyers prefer not to wait and want to move into their homes immediately. In recent years, many projects have faced significant delays, severely affecting homebuyers.

Under-Construction Homes

Generally, construction companies offer many incentives for under-construction homes, making them slightly cheaper. However, the long waiting periods and higher interest on loans are discouraging people from opting for them. As a result, there's a growing interest in ready-to-move-in homes.

Chennai Leads the Way

In 2020 alone, around 182,640 ready-to-move-in homes were sold, accounting for 21% of the total home sales. The remaining 79% were under-construction homes. Chennai, in particular, saw the highest sales of ready-to-move-in homes, with 32% of its total home sales being ready-to-move-in properties.

Chennai residents have shown remarkable preference for these ready-to-move-in homes, leading the trend in India.