Price difference between ready and off-plan houses reduces: Anarock

27 Apr 2021 CW Staff

The price gap between ready-to-move-in and 'off plan' or under-construction housing has been narrowing year-on-year (y-o-y) since 2017 across the top seven cities.

A recent Anarock research reveals that the price gap between ready-to-move-in (RTM) and under-construction (UC) homes reduced to a mere 3-5% by Q1 2021. In 2017, the difference between the two categories was anywhere between 9% and 12% across cities, while in 2018 it was 5-8%.

Cities with lowest and highest price difference in Q1 2021:

National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) recorded the least price difference between RTM and UC homes at 3%. The average prices of RTM homes in
NCR were Rs 4,650 per sq ft while for UC homes it was Rs 4,500 per sq ft; in MMR it stood at Rs 10,700 per sq ft and Rs 10,350 per sq ft respectively.
Pune, Hyderabad and Chennai have the highest RTM/UC price difference at approx 5%
In Bengaluru and Kolkata, the difference is just 4%

The shrunk price gap works well for end-users as well as investors. End-users can see what they buy and save rent by moving in immediately, while investors focused on steady rentals can start earning right away. In the past four years, developers have been reluctant to increase the prices of ready homes as they need to clear their inventory.

Average price difference between RTM and UC homes 2017 vs Q1 2021:

MMR has seen the highest reduction in the gap over the last four years. In 2017, the gap between RTM and UC homes in MMR was 12%—among the highest. Now, in Q1 2021, it has reduced to just 3%—the lowest.
Bengaluru—in 2017, the price gap between RTM and UC homes was 12%; as of Q1 2021 it has shrunk to 4%
In Pune, the price gap in 2017 also stood at 12% while in Q1 2021, it has reduced to 5%
In NCR, the price gap in 2017 was 9%; as of Q1 2021, it is just 3%
In Hyderabad, the price gap was 10% in 2017 while in Q1 2021, it is down to 5%
In Chennai, the price gap in 2017 was 9%; in Q1 2021, it has come down to 5%
In Kolkata, the price gap between the two categories reduced from 10% in 2017 to 4% in Q1 2021

Year 2017
City	Avg RTM Prices/sq ft	Avg UC Prices/sq ft	% Diff RTM vs UC
NCR	4,413	4,036	9%
Kolkata	4,200	3,832	10%
MMR	10,365	9,251	12%
Pune	5,539	4,933	12%
Hyderabad	3,965	3,600	10%
Chennai	4,887	4,503	9%
Bengaluru	4,889	4,365	12%

Source: Anarock Research

Q1 2021
City	Avg. RTM Prices/sq. ft.	Avg. UC Prices/sq. ft.	% Diff RTM vs UC
NCR	4,650	4,500	3%
Kolkata	4,465	4,300	4%
MMR	10,700	10,350	3%
Pune	5,650	5,360	5%
Hyderabad	4,290	4,075	5%
Chennai	5,000	4,775	5%
Bengaluru	5,130	4,910	4%

Source: Anarock Research

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The price gap between ready-to-move-in and 'off plan' or under-construction housing has been narrowing year-on-year (y-o-y) since 2017 across the top seven cities. A recent Anarock research reveals that the price gap between ready-to-move-in (RTM) and under-construction (UC) homes reduced to a mere 3-5% by Q1 2021. In 2017, the difference between the two categories was anywhere between 9% and 12% across cities, while in 2018 it was 5-8%. Cities with lowest and highest price difference in Q1 2021: National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) recorded the least price difference between RTM and UC homes at 3%. The average prices of RTM homes in NCR were Rs 4,650 per sq ft while for UC homes it was Rs 4,500 per sq ft; in MMR it stood at Rs 10,700 per sq ft and Rs 10,350 per sq ft respectively. Pune, Hyderabad and Chennai have the highest RTM/UC price difference at approx 5% In Bengaluru and Kolkata, the difference is just 4% The shrunk price gap works well for end-users as well as investors. End-users can see what they buy and save rent by moving in immediately, while investors focused on steady rentals can start earning right away. In the past four years, developers have been reluctant to increase the prices of ready homes as they need to clear their inventory. Average price difference between RTM and UC homes 2017 vs Q1 2021: MMR has seen the highest reduction in the gap over the last four years. In 2017, the gap between RTM and UC homes in MMR was 12%—among the highest. Now, in Q1 2021, it has reduced to just 3%—the lowest. Bengaluru—in 2017, the price gap between RTM and UC homes was 12%; as of Q1 2021 it has shrunk to 4% In Pune, the price gap in 2017 also stood at 12% while in Q1 2021, it has reduced to 5% In NCR, the price gap in 2017 was 9%; as of Q1 2021, it is just 3% In Hyderabad, the price gap was 10% in 2017 while in Q1 2021, it is down to 5% In Chennai, the price gap in 2017 was 9%; in Q1 2021, it has come down to 5% In Kolkata, the price gap between the two categories reduced from 10% in 2017 to 4% in Q1 2021Year 2017CityAvg RTM Prices/sq ftAvg UC Prices/sq ft% Diff RTM vs UCNCR4,4134,0369%Kolkata4,2003,83210%MMR10,3659,25112%Pune5,5394,93312%Hyderabad3,9653,60010%Chennai4,8874,5039%Bengaluru4,8894,36512%Source: Anarock Research Q1 2021CityAvg. RTM Prices/sq. ft.Avg. UC Prices/sq. ft.% Diff RTM vs UCNCR4,6504,5003%Kolkata4,4654,3004%MMR10,70010,3503%Pune5,6505,3605%Hyderabad4,2904,0755%Chennai5,0004,7755%Bengaluru5,1304,9104% Source: Anarock Research Image Source

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