Builders bet on affordable homes as luxury sales dip

Signs of revival after note ban and Rera impact, say developers

With slowing of luxury housing property sales, major real estate developers are banking on their affordable and premium segments for the coming months.

They’re still bearing the brunt of last November’s demonetisation, plus the impact of the new Real Estate Regulatory Act (Rera) and the goods and services tax. As a result of these, say developers, the luxury residential market is going through consolidation and slowdown. Once that phase is over, they hope, wealthy individuals would again start spending on luxury properties.

Anarock Property Consultants says in the fourth quarter of 2016, a total of 3,864 luxury properties were launched.