To meet the massive demand a lot of buildings and societies have taken up redevelopment projects. These projects often get delayed before they deliver the promised supply.
“During society redevelopment, supply will take a lot longer than two-three years, as there are a lot of hurdles that will delay the process,” said Puri. Despite the delay, he recommends holding on to the property that is going through redevelopment.
The is because the developer will be able to give a bigger, better and improved space, after the process. This will bring an upside in price that can benefit the owner.
For those feeling stuck with an older house that is costing them much maintenance, it is better to aggressively sell and invest in better spaces.
“Most people are looking for houses with top-notch facilities. One can unlock value by buying something that is prevalent today,” said Joseph.