Are Move-In Ready Homes More Expensive?
利用印度六大城市群2010-2012年的挂牌数据，研究发现现房比期房溢价2-15%，个人转售者溢价高于开发商，且溢价占家庭年收入比例极高，加剧了住房可负担性问题。
Abstract Most residential homes in developing countries such as India sell before construction is complete. Completed or move-in ready homes command a premium because of the compounded cost of capital and uncertainty costs incurred over time from holding under-construction homes. In this paper, we use listing data from India’s six largest urban agglomerations (UAs) between 2010–2012 and show that sellers expect 2–15% move-in ready premia in five UAs. Moreover, in four UAs, individuals reselling homes expect five to eight percentage points higher move-in ready premia than developers selling new homes because of additional costs incurred by individuals from holding under-construction homes. We do not find any evidence of substantial speculative gains among individual resellers. At mean listed prices, the expected move-in ready premium is 383% of an average household’s annual income in Mumbai, India’s most expensive city. Our findings indicate that within the context of a developing country, lengthy construction times and expensive capital exacerbate already poor affordability conditions.