You are here: Home » Current Affairs » News » National
Business Standard

Despite stalled projects, India ranks second in number of affordable homes

According to the survey, China tops the list with 74% of polled Chinese saying they can buy homes

Topics
affordable homes | Residential projects | Real Estate

Press Trust of India  |  Mumbai 

Affordable homes in Mumbai, Pune, Bengaluru, Hyderabad, Gurugram and Noida are moving at a fast clip
The realty sector has not yet recovered from the multiple shocks of note-ban of 2016 and GST

Despite the tens of hundreds of stalled residential projects, the country ranks second in having the largest number of affordable homes, says a survey. According to a survey involving nearly 20,450 urban citizens, nearly 73 per cent of those polled can afford to buy a new home in their town, says Ipsos India, which carried out the online survey between September 20 and October 4, across 29 countries.

It can be recalled that the government on Thursday announced some sops to the nearly crippled reatly sector by setting up an AIF window worth Rs 25,000 crore to revive as many as 1,600 stalled residential project.

The realty sector has not yet recovered from the multiple shocks of note-ban of 2016, and the introduction of regulators and GST and the sector is of late gasping for liquidity breath. The some of these countries include Argentina, Australia, Canada, China, France, Germany, Britain, India, Japan, Russia, South Africa, Korea, and US among others.

According to the survey, China tops the list with 74 per cent of polled Chinese saying they can buy homes.

"We see a boom in the realty sector in terms of premium to projects that have come up/in the pipeline coupled with low interest finance schemes are giving an impetus to this sector," the survey said.

However the survey noted that the slowdown has led to lower off-take, putting realtors in the lurch. Supply is outstripping demand. Due to the number of scams in the realty sector in the past few years, people are in a wait and watch mode, noted the survey, which also showed that Saudi Arabia stood at the third position followed by the US and Peru with 55 percent people confident of buying homes.

Markets with lack of least availability of include Hungary (16 percent), Japan (17), Serbia (19), Poland (25) and Argentina at 32 percent, among others.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 07 2019. 19:40 IST
RECOMMENDED FOR YOU
.