Residential Launches Up By 41% In Top 7 Cities In June Quarter, Claims Recent Report

    Date:

    Share post:

    The push to affordable housing by the central government seems to be finally bearing fruits. There has been an increase in the supply of and demand for affordable housing over the last quarter.

    The quarter that ended in June witnessed a whopping 41% year-on-year jump in overall new housing launches across top seven cities. The maximum supply of affordable housing was with the price less than Rs. 40 lakhs.

    The top 7 cities- Delhi-NCR, Mumbai Metropolitan Region, Chennai, Bengaluru, Pune, Kolkata, and Hyderabad, have witnessed the launches of around 50,100 units during the quarter, out of which 75% of the new supply came up in MMR, NCR, Bengaluru, and Pune.

    In fact, the supply in the affordable segment increased 100% during the quarter as against the previous quarter, which is primarily the driving factor of the overall growth, ET Realty quoted data from Anarock Property Consultants. Housing sale across categories rose 3% from a year ago to 60,800 units.

    There has been a slight decline of 10% in unsold inventory as well. Since there are still 7 lakh unsold units as on June end, the developers are offering attractive schemes, freebies and discounts to homebuyers, so that unsold inventory can be cleared.

    The surge in the activity if affordable housing seems to be the result of the central government mission ‘Housing for All by 2022.’ The mission aims to build 20 million urban housing units and 30 million rural homes.

    An affordable home is typically about 250 square feet (23 square meters) in size and can cost up to 1.2 million rupees. It is usually located in the outskirts of the city where land is cheaper. According to recent data, more than 800,000 units have been completed, with about 2.8 million homes in various stages of construction.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Related Posts

    Latest posts

    Noida To Get 400-Metre Circular Skywalk at Sector 62/63

    A new 400-meter circular skywalk is set to be constructed at the busy Sector 62/63 intersection in Noida....

    India’s Data Center Capacity to Cross 4,500 MW by 2030 – Colliers Report

    India’s data center capacity across the top seven cities is projected to exceed 4,500 megawatts by 2030. This...

    New Elevated Road to Connect Greater Noida and Delhi-Meerut Expressway

    The Greater Noida Authority on Friday approved a proposal to construct a 4-kilometer elevated road. This road will...

    Film City Layout Plan Submitted for YEIDA Approval

    Filmmaker Boney Kapoor and his team have submitted detailed building layout plans for the International Film City project...