2013 will be the year of deliveries for around 5 lakh families in urban India as they will take up possession of their new homes. In 2013, in areas like Noida, Gurgaon, Navi Mumbai and Pune, 4.5 to 5 lakh homes are ready to be delivered whereas in 2012 only 2.5 lakh of homes had been delivered.
Property research firms have estimated that one third of the total number of homes are in the Delhi National Capital Region and are mostly concentrated along the Noida-Greater Noida express way and Gurgaon. This means almost 1.4 lakh new homes will come up in NCR and Noida will have around 50,000 homes.
Mumbai Metropolitan Region will have 1.2 lakh of new homes and 62,000 new homes would be completed in Pune. 58,000 homes would be ready for delivery in
Bangalore by the end of 2013.Some of these projects had been launched far back in 2007 and had been delayed for a number of reasons. Therefore for some home owners, this is an end to a long wait.
The delivery of such a bulk of houses also means that in cities like Gurgaon, Noida and Mumbai, completed and under construction properties would come to cost less. This would put property cost at the right place as buyers would now have more options.
Big developers such as DLF and Unitech have worked hard on their delivery performance this year as compared to the 3.35 million sq ft area delivered by DLF and 3.5 million sq. ft of area delivered by Unitech in 2012, DLF is going to deliver 15 million sq. ft (10,000-15,000 apartments) and Unitech will deliver 7 million sq. ft (5,000-7,000 apartments) of constructed area this year.
This comes as good news to apartment buyers who would possibly have to pay lower premiums for prime locations. In the past, buyers had to pay premiums of more than 30% for fully constructed apartments in preferred locations compared to under-construction buildings. Things would be much different this year.
Therefore this will the best year for people looking for new homes. Rental conditions would also improve. Developers who have had cash crunches would recover soon and will have more to choices to offer this year.