Affordable Housing Constituted 50% of Jan-March 2021 Housing Sales
Nearly half of the total housing demand in primary residential market across eight major cities is for two bedroom apartments costing up to Rs 45 lakh, says a study by digital real estate brokerage firm PropTiger.com. In its latest Real Insight report for January-March 2021 quarter, PropTiger research revealed that housing sales across eight major cities declined only by 5 per cent year-on-year at 66,176 units, indicating that demand is inching back to pre-COVID level. When compared with the Q1 2020, Mumbai, Pune and Bengaluru witnessed fall in sales, while other five cities -- Delhi-NCR, Kolkata, Chennai, Hyderabad and Ahmedabad--- saw growth in demand. While analysing the sales numbers of these eight cities, it was found out that around 45 per cent of sales in January-March 2021 were contributed by affordable housing segment --- apartments priced below Rs 45 lakh. Around 26 per cent of the sales were in Rs 45-75 lakh price bracket, 10 per cent in Rs 75.lakh to Rs 1 crore and 19 per cent above Rs 1 crore ticket size, the report said. As much as 44 per cent of the total demand was for units with 2 BHK configuration. In line with expectations, the share of ready-to-move-in flats in total sales increased compared to preceding quarter. On the supply side, PropTiger research showed that new supply rose by 49 per cent year-on-year to 53,037 units across these eight cities during the first quarter of this calendar year.In line with demand trends, new supply continues to be concentrated in less than Rs 45 lakh category, with 45 percent share from the overall pie. The mid-segment (Rs 45–75 lakh price bracket) recorded a share of 27 percent of the total supply in the first quarter. More than Rs 75 lakh price bracket accounted for 28 percent of the total supply. Weighted average prices for new launched projects in a majority of India’s top cities remained muted in the past few quarters, with prices appreciating marginally in the range of 1–3 percent annually, the report said. Hyderabad and Ahmedabad witnessed 5 per cent growth in January-March this year compared with the year-ago period.
Tags : News/Views Mumbai Pune Bengaluru Delhi-NCR Hyderabad Kolkata Chennai Ahmedabad Affordable Housing Housing sales Sales growth residential market Demand