Page 2 - Affordable Homes

Share of affordable homes, priced up to Rs 45L, shrinks to 22% in Jan-Mar

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 homes in Delhi-NCR fall 23% to 94,803 units at 2023-end: Anarock

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 up to Rs 50 lakh dip 16% last year; total sales 10-yr high

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

PNB Housing reaches loan book size of Rs 1,000 crore for affordable homes

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

Amid lower demand, new supply of affordable homes dipping in India: Anarock

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

Demand for luxury homes overtakes affordable ones for first time in India

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

59% Indians prefer mid, high-range homes despite price rise: Anarock

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

India house prices on track for steady rises, affordability to worsen

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%

Share of affordable homes supply slips to 20% last yr from 40% in 2018

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

67% housing demand in Mumbai from affordable segment: Knight Frank-Naredco

Supply of such housing insufficient to meet demand, says study

Facebook builds 600 affordable homes to address housing crisis in US

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

Unsold luxury homes grow 10%, stock still a fraction of affordable: Anarock

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

Rise in demand for affordable homes boosts housing sales 6% in NCR in 2019

Prices in Delhi-NCR remained stagnant at nearly Rs 4,600 per sq ft, while unsold inventories fell by 6 per cent to 1,75,079 units from 1,86,714 units

Price gap between ready and under-construction homes fall to 3-7% in 2019

Pune had the highest price difference between RTM and UC homes at around 7%.

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

Affordable homes get a govt boost, GST down to 8% from 12%

Lowering the GST rates is likely to provide the much-needed fillip to the affordable housing sector

IFC and HDFC create $800-mn corpus for affordable homes

A number of initiatives have been taken to push the housing for all scheme