Delhi-NCR Sees Highest Demand For Affordable Homes

As far as demand is concerned, affordable housing — which includes units with a price of less than Rs 45 lakh — has seen the highest preference after the pandemic hit the country, according

BY Realty Plus
Published - Mar 25, 2021 7:22 AM

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As far as demand is concerned, affordable housing — which includes units with a price of less than Rs 45 lakh — has seen the highest preference after the pandemic hit the country, according to a survey by property consultant Anarock. Affordable houses accounted for 40% of the demand in 2020, against 31% before Covid-19 — an increase of 9%. Out of the total affordable housing demand across the country, nearly 38% was from Delhi-NCR, followed by Kolkata (21%). In Delhi-NCR cities, Gurugram had a share of 32% of the total demand, followed by Greater Noida (24%). As many as 79,840 affordable units were launched in Delhi-NCR between 2018 and 2020. Out of this, nearly 50% was in the affordable segment. Last year saw a total supply of 18,540 units, out of which affordable housing comprised a share of 61%. The supply was in sync with demand. Gurugram has the highest supply of affordable housing — out of the 11,180 new units launched last year, 6,590 were in the affordable segment. The city is followed by Faridabad with 3,050 affordable units, and Greater Noida and Bhiwani with 900 units each. Delhi, Ghaziabad and Noida added no unit in the affordable segment. On the demand side too, Gurugram is at the top with 32%, followed by Greater Noida (24%), Noida (18%) Delhi (12%), Ghaziabad (8%) and Faridabad (6%). As per the latest amendment to the Affordable Housing Policy, 2013, one car parking space for each dwelling unit is now free, which means a buyer gets the additional facility at no extra cost. Moreover, the increase in project area limit by the state government through this amendment would also lead to many reputed real estate players to come forward and develop affordable houses that have always been in demand. Another boost to the sector is the increase in the commercial area in a project, which means more margins to developers struggling with low profits.