Home buyers are very fond of new or recently launched projects instead of ready -to -move projects. The special thing is that home buyers are liking the projects, which are listed promoters and whose track record has been quite excellent. Such real estate builders have once again created confidence in investing in new projects in home buyers. Recently, the report of reports of property consultant Encarock has also proved this. Let us also tell you what kind of figures have been presented by Enarock and what the experts have to say in this matter.
According to the report of Property Consultant Encarock, more than 42 per cent of the houses sold in 2024 were of newly launched projects. This situation is much higher than 26 percent of 2019 before Kovid epidemic. When about 2.61 lakh houses were sold in new projects. Similarly, in 2020, 28 percent of the 1.38 lakh residential units sold in the top seven cities were launched. Whereas, out of 2.37 lakh units sold in 2021, this figure increased to 34 percent. In the year 2022, 36 per cent out of 3.65 lakh houses and 40 per cent of the houses sold in 2023 were of new projects. According to the report, the main reasons for increasing investment in new projects have strengthened financially and the arrival of promoters who understood the market have strengthened the supply chain. Due to RERA's strict regulation, confidence for new projects in home buyers has increased more than before.
Dinesh Gupta, according to the secretary of CREDAI Western UP, preferred to take NCR's Buyers Ready to Move Unit due to irregularity in the former real estate sector of RERA. But over time the situation has changed, RERA regulator is being followed and the entry of the systematic builder has been done. Due to this, the demand for new units in projects under construction is increasing. According to Himanshu Garg, director of RG Group, the house of the project or tower under construction is now becoming the first choice of home buyers. After Kovid, we launched new towers by changing our construction technology and design according to the market needs. In which the maximum units were of large / 3 BHK size. In which we got a great response from home buyers.
According to Pankaj Kumar Jain, director of KW Group, this change is a great message for the real estate sector. It is the best time for a home buyer to invest with the launch of the project. Promoters also try to add home buyers at primary level through flexible payment plan. By the way, there has never been a shortage of consumers on the projects of promoters with good records and pre -established and spectacular track records, whether the project has been under construction or ready to move. CEO of Diligent Builders. According to Colonel Ashwani Nagpal (retired), the flexibility that can be found in new projects is not likely in old projects. Ready due to continuous delay in the projects was preferred for the ready-to-mow-in (RTMI) houses, but due to the rebuilding construction work by the new promoters with the consent of the old buyers and getting the investment from the owner, the old projects have increased confidence in the buyers and they are moving towards the new project again.
According to Shailendra Sharma, MD of Renox Group, bringing a new project by acquiring a stock project shows the commitment of working and dedication of new promoters among home buyers. During this time, we realized the demand of the new age house buyers, who are now demanding new concepts, design and fully architectural features in luxury as well as limited numbers. According to the demand and opportunity, we re-designed the project, so that the house buyer will also get the option of the new concept project, which is also being liked. According to the CMD of Suresh Garg Nirala World, even today, the property market of Greater Noida is known for giving the most affordable house in the entire NCR. Unlike before, developers are also changing their strategy so that such projects can be launched which are actually in accordance with the demand of the market, can be completed in the scheduled time, make quality construction and other facilities including units of the required area.
