House buyers to be spoilt for choice
In view of the ongoing boom in the property market, especially in the housing sector, real estate companies are planning to use most of their land bank for housing projects. Most of the land bought by developers in the last 15 months will be used for housing.
If you are preparing to buy a house, then there is good news for you because many housing projects will come in the coming time. This will give more options and convenience to the home buyers to find the home of their choice. In fact, in view of the ongoing boom in the property market, especially in the housing sector, real estate companies are planning to use most of their land bank for housing projects. Most of the land bought by developers in the last 15 months will be used for housing.
According to data from JLL India, between January 2022 and May 2023, a total of 2,181 acres of land has been transacted. Out of this, 1,822 acres i.e. about 84 per cent of the land has been allotted for the proposed residential projects. This shows that the developers have high expectations regarding the housing projects. Due to this, the launch of new houses is likely to pick up in the second half of the year 2023 i.e. July-December period.
What kind of house will be built Most of the share in the launching of new homes will be of mid and luxury homes. Whose price is usually above 50 lakh rupees. In recent times, both the supply and sales of mid and luxury segment homes have picked up. Due to increase in land cost, labor cost and raw material cost, developers are offering mid and luxury homes. The reason for this is the high margin of the developers.
Most launches in Rs 40-80 lakh range According to the report of property consultant Anarock, in the second quarter of the year 2023 i.e. April-June, 1,02,610 houses were launched i.e. came up for sale in 7 major cities of the country. The mid-segment has the highest share of 31 per cent in this. Their price is between 40 to 80 lakh rupees. After this, 27 percent share is of premium segment houses. Whose cost is from 80 lakh to 1.5 crore rupees. At the same time, the share of luxury houses is 23 percent. Their cost is above one and a half crore rupees. These cities include Mumbai Metropolitan Region, NCR, Bengaluru, Chennai, Hyderabad, Pune and Kolkata.
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