Under-construction Property Supply Surges by 46.8% in a Year: Report
The real estate sector has seen a significant surge in under-construction property supply, marked by a 46.8% increase over the past year. Cities like Bengaluru, Noida, and Navi Mumbai continue to lead with affordable property prices, making them attractiv
Real EstateProperty SupplyUnderconstructionAffordable HousingMarket RecoveryReal Estate MumbaiJan 11, 2025
This surge is attributed to a combination of government initiatives, improved infrastructure, and growing demand from both investors and first-time homebuyers.
Cities like Bengaluru, Noida, and Navi Mumbai have emerged as key players in this trend.
Bengaluru, known for its thriving IT sector, has seen property prices hover around Rs 10,988 per square foot.
Noida, located in the National Capital Region (NCR), has property prices averaging Rs 11,706 per square foot, while Navi Mumbai, a planned satellite city of Mumbai, offers properties at an average of Rs 11,738 per square foot.
The increase in under-construction supply is a positive sign for the real estate market, indicating a robust recovery from the pandemic-induced slowdown.
Developers are ramping up their projects, driven by the demand for residential and commercial spaces.
Additionally, the government's focus on affordable housing and the push for 'Housing for All' have played a crucial role in boosting the supply of under-construction properties.
In a recent report, industry experts highlighted that the surge in under-construction supply is expected to continue in the coming years.
This trend is supported by the easing of regulatory norms and the availability of financing options.
The government's measures, such as the Real Estate (Regulation and Development) Act (RERA) and the Insolvency and Bankruptcy Code (IBC), have also instilled confidence among developers and buyers.
Bengaluru, often referred to as the 'Silicon Valley of India,' has seen a surge in residential and commercial projects due to the influx of tech companies and startups.
Noida, with its strategic location and well-developed infrastructure, has become a preferred destination for corporate offices and residential complexes.
Navi Mumbai, known for its planned development and better living conditions, is attracting a growing number of homebuyers and investors.
Despite the positive outlook, there are challenges that the real estate sector must address.
These include the need for better project management, timely completion of projects, and ensuring transparency in transactions.
Developers must also focus on sustainability and environmental impact to meet the growing demand for green buildings.
In conclusion, the surge in under-construction property supply is a positive indicator for the real estate sector, reflecting a strong market recovery and growing confidence among stakeholders.
Cities like Bengaluru, Noida, and Navi Mumbai are leading the way, offering affordable and attractive investment opportunities.
The future looks promising, with the sector expected to continue its upward trajectory.
Frequently Asked Questions
What factors have contributed to the surge in under-construction property supply?
The surge in under-construction property supply is attributed to government initiatives, improved infrastructure, and growing demand from investors and first-time homebuyers.
Which cities are leading in terms of under-construction property supply?
Bengaluru, Noida, and Navi Mumbai are leading in terms of under-construction property supply, with affordable property prices making them attractive markets for investors and homebuyers.
What government measures have supported the increase in under-construction supply?
Government measures such as the Real Estate (Regulation and Development) Act (RERA), the Insolvency and Bankruptcy Code (IBC), and the push for 'Housing for All' have supported the increase in under-construction supply.
What challenges does the real estate sector face despite the positive trend?
The real estate sector faces challenges such as the need for better project management, timely completion of projects, and ensuring transparency in transactions. Sustainability and environmental impact are also important considerations.
What is the outlook for the real estate sector in the coming years?
The outlook for the real estate sector is positive, with the sector expected to continue its upward trajectory. The surge in under-construction property supply is a strong indicator of market recovery and growing confidence among stakeholders.
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