Nearly 5 Lakh Families to Get Possession of Their Dream Homes In 2013

Nearly 5 Lakh Families to Get Possession of Their Dream Homes In 2013

By siliconindia   |   Thursday, January 31, 2013   |    1 Comments

Bangalore: This year developers are to deliver nearly 4.5-5 lakh apartments to around 5 lakh families who are waiting to get possession for their new homes for quite a long time. The home buyers in urban India have been trapped in project delays for over six years but the never-ending wait will come to an end soon with the project delivery.

 Property consultancy and property research firms like PropEquity, CB Richard Ellis and Liases Foras have estimated that around 4.5-5 lakh homes are expected to be ready for possession in 2013, maximum in one single year, reports Ravi Teja Sharma of Economic Times.

However, these apartments are part of projects that were introduced in the market during 2006, 2007 and 2008 but caught into delay for various reasons.

"2013 is being dubbed as the 'year of deliveries'," said Samir Jasuja, Chief Executive Officer of PropEquity.
"In cities like Gurgaon, Noida and Navi Mumbai, where investors constitute 40-50 percent of the buyers, prices in under-construction properties might correct," added Jasuja.

Delhi-NCR will receive the maximum number of these delayed homes which is around 1.4 lakh and nearly 50,000 will be delivered on the Noida-Greater Noida Expressway and Gurgaon. Mumbai Metropolitan Region (MMR) will witness the completion of about 1.2 lakh homes, Pune will observe more than 62,000 and Bangalore will see close to 58,000 of the delivery.

"If all these homes are delivered, prices in markets and locations within those markets where a lot of new supply is concentrated will certainly be under check," said Anshuman Magazine, Chairman and Managing Director of CBRE South Asia.

Also Read: RBI's Rate Cuts Give Home Buyers a Reason to Rejoice

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