More than 4 lakh unsold apartments in 9 cites, estimates brokerage firm

PropTiger says the apartments in the affordable sector should be cleared quickly after govt raised income tax exemption limit.

Real estate companies have 4.12 lakh unsold apartments costing less than Rs 45 lakh as demand for affordable homes improves, according to property brokerage firm PropTiger.com.

PropTiger CEO Dhruv Agarwala said unsold stocks in the affordable housing segment--apartments costing Rs 45 lakh and less--will be cleared quickly after the government increased the income tax deduction limit on home loan interest to Rs 3.5 lakh from Rs 2 lakh. 

PropTiger estimated companies had unsold inventories of 7,97,623 units at the end of June quarter in nine cities: Gurugram, Noida, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad.

Out of this total unsold housing stocks,