Affordable Homes

Fresh supply of residential properties in Delhi-NCR is estimated to triple during July-September to over 13,300 units as developers look to encash strong demand, according to PropEquity. Real estate data analytics firm PropEquity has estimated new launches of housing properties at 13,311 units in the current quarter as against 4,147 units in the year-ago period. Housing sales in Delhi-NCR are likely to increase 22 per cent during July-September 2024 to 10,263 units from 8,411 units in the corresponding period of the previous year. Rise in fresh supply of homes was one of the major factors for an increase in sales in Delhi-NCR market, besides strong consumer demand. Overall across nine major cities, PropEquity data shows that new launches in July-September 2024 may fall to 93,693 units from 1,05,655 units in the same period last year. Sales are estimated to decline 18 per cent to 1,04,393 units in the quarter under review from 1,26,848 units in the same period last year. These nin

New supply of affordable apartments -- costing below Rs 50 lakh -- declined 21 per cent in the April-June period across seven major cities as builders are launching more premium flats, according to JLL India. Real estate consultant JLL India on Friday released data for housing market of major seven cities, showing a 5 per cent increase in fresh supply of apartments to 1,59,455 units during April-June 2024 from 151,207 units in the year-ago period. The data includes only apartments. Rowhouses, villas, and plotted developments have been excluded from the analysis. Of the total new supply in the June quarter, the launches of affaordable flats stood at 13,277 units, a fall of 21 per cent from 16,728 units in the same period last year. The launches of flats, each costing Rs 50 lakh to Rs 1 crore, declined 14 per cent to 47,930 units from 55,701 units. In the Rs 1-3 crore price bracket, the new supply grew 3 per cent to 69,312 units from 67,119 units. The launches of apartments, each p

Rise in housing demand is not restricted to major cities as sales of residential properties rose 11 per cent last fiscal across 30 Tier II towns to nearly 2.08 lakh units, according to PropEquity. Real estate data analytic firm PropEquity on Friday released a report on Tier II cities' housing market. The data showed that housing sales increased 11 per cent to 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year. Top 10 Tier II cities -- Ahmedabad, Vadodara, Surat, Nashik, Gandhi Nagar, Jaipur, Nagpur, Bhubaneshwar, Visakhapatnam and Mohali-- contributed 80 per cent to the total sales in 30 small towns. These 10 cities together clocked sales of 1,68,998 residential units in 2023-24, up 11 per cent from 1,51,706 homes in 2022-23. The other 20 Tier II cities are Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar. Samir .

Sales of affordable homes -- priced up to Rs 60 lakh each -- declined 4 per cent in eight major cities to 61,121 units during January-March this year on lower supply and higher demand for luxury apartments, according to PropEquity. The top eight cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. Real estate data analytic firm PropEquity data showed that sales of homes, costing up to Rs 60 lakh each stood at 6,3787 units in the January-March period of the last calendar year. A lower supply of affordable homes is one of the key factors for this marginal fall in sales. As per the PropEquity data, the fresh supply of homes, up to Rs 60 lakh each, declined to 33,420 units during January-March 2024 across these top eight cities from 53,818 units in the year-ago period. Builders are focusing more on launching luxury apartments to encash a surge in demand for premium residential properties. Profit margins are also high in

This comes when the affordable housing sector has been struggling due to higher demand for bigger, costlier homes in India

Economic growth in India, Asia's third-largest economy is expected to continue outpacing its major peers

New supply of affordable homes -- priced up to Rs 60 lakh each, declined 38 per cent across eight major cities to 33,420 units during January-March this year, with builders focusing on developing luxury flats, according to PropEquity. Real estate data analytic firm PropEquity attributed the fall in new supply to sharp rise in land and construction costs, which has made development of affordable housing projects less profitable or unviable. According to PropEquity data, the fresh supply of homes, up to Rs 60 lakh each, stood at 33,420 units during January-March 2024 across top eight cities, as against 53,818 units in the year-ago period. These eight cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. PropEquity data showed that the new supply in this price category fell 20 per cent during the 2023 calendar year and the declining trend continued in the first quarter of this year as well. "The number of affordable hou

During the Modi government's tenure over the last 10 years, the manifesto claimed to have provided more than 4 crore families with pucca houses under the PM Awas Yojana and other initiatives

Share of affordable homes -- priced up to Rs 45 lakh each -- in total housing sales more than halved to 22 per cent during January-March across top eight cities amid strong demand for luxury flats, according to PropTiger. Share of affordable homes in total housing sales stood at 48 per cent in the January-March period of 2023 calendar year. Housing brokerage firm PropTiger.com data showed that housing sales grew by 41 per cent to 1,20,640 units during January-March 2024 across top eight cities from 85,840 units in the corresponding period of the previous year. In the total sales of 1,20,640 units during January-March, the share of homes, priced less than Rs 25 lakh each, was 5 per cent. In the same period last year, the share of this low-cost housing category in total sales was 15 per cent. The share of homes, priced Rs 25-45 lakh each, was 17 per cent during January-March 2024 as against 23 per cent share in the corresponding period of the previous year. "There has been a remark

Unsold housing stock in Delhi-NCR at the end of last year has fallen 23 per cent from 2022-end level driven by high velocity of sales and restricted new supply of residential properties, according to Anarock. Real estate consultant Anarock data showed that number of unsold units in Delhi-NCR fell to 94,803 units at the end of last year from 1,23,692 units in 2022-end. Delhi-NCR's unsold stock is currently at a decadal low, dropping below one lakh units for the first time in the last 10 years, the consultant pointed out. Anarock Vice Chairman Santhosh Kumar attributed the fall in unsold housing stock to higher sales transactions compared with new launches during the last calendar year. In 2023, housing sales in Delhi-NCR stood at 65,625 units while new supply in the region was 36,735 units, he said. "Developers continue to consciously restrict new supply in the region so that they can remain focused on project completions and thus reduce their previous unsold stock," Kumar said. T

Sales of homes costing up to Rs 50 lakh fell 16 per cent last year to nearly 98,000 units across eight major cities due to a rise in property prices and high mortgage rate, according to Knight Frank India. Nevertheless, overall housing sales, comprising all price points, rose 5 per cent annually to 3,29,907 units during 2023 across the top eight cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Pune, Hyderabad and Ahmedabad. New supply in homes costing up to Rs 50 lakh dropped 20 per cent in 2023 year-on-year. This also resulted in fall in sales of affordable homes. The overall sales reached a 10-year high, driven by higher demand in the mid-income and luxury home segments. Real estate consultant Knight Frank India on Wednesday released its report through a webinar, showing that sales of residential properties priced Rs 50 lakh and below fell to 97,983 units last year from 1,17,131 units in 2022. As a result, the share of affordable homes in total

Girish Kousgi, MD and CEO at PNB Housing Finance said that at the current pace, the company may add another Rs 1,000 crore to its loan book in the next six months

On the other hand, the supply of luxury homes is rising as developers are focusing on earning higher margins and profits

The number of homes sold in India in July-September quarter this year touched a six-year-high: Knight Frank

Mid-range homes, priced between Rs 45 lakh and Rs 90 lakh, are the most preferred

The outlook was more upbeat and stable compared with companion polls of property markets in developed economies, where house prices are expected to fall or stagnate after surging as much as 50%

The share of affordable homes -- costing below Rs 40 lakh each -- in the total fresh housing supply across seven major cities dipped to 20 per cent last year from 40 per cent in 2018, according to Anarock data. Real estate consultant Anarock attributed the fall in the share to various factors, including costlier land, low-profit margin and lack of adequate availability of finance at a cheaper rate. According to the data, real estate developers launched 3,57,650 units in 2022, of which only 20 per cent were in the affordable homes category, costing below Rs 40 lakh per unit. During 2018, a total of 1,95,300 units were launched across seven cities and out of that 40 per cent were in the affordable homes category. The share of the supply of affordable housing in 2019 remained at 40 per cent in the total new launches of 2,36,560 units. However, the share dipped to 30 per cent in 2020 in the total housing supply of 1,27,960 units. In the 2021 calendar year, the share of new launches i

Supply of such housing insufficient to meet demand, says study

The company said it is on track to creating approximately 750 affordable homes by 2022

Affordable homes make up 36% of the unsold housing stock, while luxury segment's shares is 14%