Affordable Housing Keeps the Momentum Going
Anuj Puri, Chairman – ANAROCK Property Consultants
- Unsold inventory down 2% from 7.11 lakh units in Q1 2018 to 7.0 lakh units in Q2 2018
- Unsold inventory declined 10% from 7.7 lakh units in Q4 2017
There has been a whopping 50% jump in overall new housing launches in Q2 2018 over the preceding quarter, with the maximum supply in the affordable segment (< ₹ 40 lakh).
Interestingly, the affordable housing supply increased by 100% in Q2 2018 over Q1 2018, and this supply has led the overall growth.
On the sales front too, housing sales across the top 7 cities of India also rose by 24% compared to Q1 2018, indicating that hitherto abstaining home buyers are back on the market.
Developers are working hard on clearing unsold inventory with attractive schemes, freebies and discounts. Moreover, the positive impact of the policy reforms including RERA and GST have begun to bear fruit.
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Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
Exponential urbanization and tremendous employment opportunities have made NCR one of the fastest-growing regions in the country.
It is the largest urban agglomeration in India, with more than 28 million urban residents (around 7.5% of overall country’s urban population).
The accelerated urbanization and rampant migration of working population from different states have created a tremendous need for affordable housing in NCR – and the requirement keeps growing.
A recent ANAROCK report shows that NCR comes out on top in terms of the number of units added in the affordable housing segment (priced < INR 40 lakh) during the last two years, and accounted for around 26 to 30% of the overall affordable housing segment’s supply across the top Indian cities.
The region’s share of new launches in the affordable segment has grown from a mere 21% in 2012 to 71% in 2017 (up to Q3).
While the entire region possesses the opportunity to shine in this segment, ANAROCK’s report has identified some pockets which qualify as the key destinations for affordable housing projects in NCR.
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