UNDER-CONSTRUCTION OR RTMI PROPERTY Check credibility of developer if investing in new project

Homebuyer demand is increasingly moving from ready-to-move-in (RTMI) properties to newly launched or under-construction (UC) projects.

- SANJAY KUMAR SINGH & KARTHIK JEROME

Homebuyer demand is increasingly moving from ready-to-move-in (RTMI) properties to newly launched or under-construction (UC) projects. According to property consultancy Anarock, new launches accounted for 40 percent of the homes sold in 2024, up from 26 percent in 2019.

Why RTMI was preferred earlier Before the setting up of the Real Estate Regulatory Authority (Rera), many markets were dominated by fly-by-night developers. "They would announce projects but lacked the ability to complete them. This resulted in a massive burden of stalled or heavily delayed projects in which countless buyers lost money. It led to depressed consumer confidence and a preference for RTMI homes," says Santhosh Kumar, vice chairman, Anarock Group.

Construction delays forced homebuyers to pay EMI and rent simultaneously. "This made ready properties a safer bet," says Vivek Rathi, national director, research, Knight Frank India.