By Accommodation Times News Service
Five lakh families in urban India are likely to get possession of new homes this year, after a many years. Property research firms as well as property consultants estimated that 4.5- 5 lakh homes will be ready for delivery in 2013, the highest in a single year. In a contrast only 2.5 lakh homes were delivered in 2012. Many of these apartments are part of projects that were launched in 2006, 2007 and 2008, but were delayed for a variety of reasons. With increase of FAR builders will be able to construct more which is definitely a sigh of relief. With increase of FAR floor can be increased and with this increase new plans and maps will be passed. The time period of repaying loans can also give at leisure time to the developers.
Cities like Gurgaon, Noida and Navi Mumbai where investors constitute 40-50% of the buyers prices in under-construction properties might correct. When we talk about the Delhi national Capital Region a bulk of construction is coming be it residential or commercial. According to the research firms almost 1.4 lakh homes are being promised in the NCR region and equally amount of homes in Mumbai. Specifically if one point out the development in Mumbai Thane and Navi Mumbai constitute the much homes delivery also Pune will see maximum amount of homes.
From many time the real estate industry and developer have faced liquidity crunch which has lead to many construction problems and delays. Still the question arises that price points are so high and developers are not reduced their price and dilute their brand. Because of many construction consumers are having good time as this unprecedented number of deliveries would mean many who have been waiting.