Bengaluru: The inventory of ready-to-move-in homes inBengaluruis drying up fast as the demand for such units has almost doubled since the lockdown was lifted in the IT city, property brokers said.
There was a sudden spike in queries for larger ready-to-move-in homes priced from Rs 80 lakh to Rs 1 crore during the festival season, too.
“Residential property sales in the months of April and May were as good as zero. Now, about 18-20 residential unit sales are recorded in a month,” said Bhavesh Kothari, founder of Property First, a luxury property broking firm.
Since very few launches were announced in the past three months, Bengaluru has a limited supply of large three-bedroom homes and this sales trend is likely to continue for the next 12-18 months, leading to a gradual exhaustion of ready-to-move-in inventory.
“Markets have been improving since the last quarter. Going forward, residential markets are definitely on the upward scale, especially in the mid segment, due to low interest rates for home loans,” said Pradeep Joe, chairman of the Confederation of Real Estate Associates of India.
The nationwide lockdown imposed in the last week of March had severely impacted the real estate sector, resulting in delayed sales and launches. With the resultant shortage of labour and no new completions, the short-term sales momentum was hit.
“The second quarter saw sales picking up to 60% of pre-Covid levels with majority of the demand for ready-to-move-in properties. We are also seeing demand for projects nearing completion and newly launched properties during the festive season,” said Samir Arora, founder of Huts Global, a property booking firm.
Bengaluru had about 60,820 unsold units at the end of September, of which ready-to-move-in homes were a small percentage, according to ANAROCK Research. About 5,400 housing units were sold in the July-September quarter and 5,840 units were added.