Fewer Affordable Housing Projects Launched This Year
The share of affordable housing projects gurgaon launched across the major cities in the country has reduced in the last six month with developers preferring premium and mid segment projects, given the demand from buyers. according to a report released by real estate consultancy firm Anarock on Friday.
The report said that while new affordable housing projects had a share of 40% in total projects launched in 2018 (195,oo total units launched) and 2019 (237,000), this fell to 30% in the second quarter of 2020 (128,000) and 26% in first six months of 2021 (98,380). The report covered seven cities – Delhi and the National Capital Region (Delhi-NCR), Mumbai, Bengaluru, Hyderabad. Chennai, Kolkata and Pune.
“The dramatic drop in affordable housing’s new launch share was profound from second quarter of last year. The mid-segment had the highest share at 39% while the premium housing segment had a 25% share ,” said Anuj Puri, chairman, Anarock property consultant.
While affordable housing cost between 15 Lakh to 30Lakh per unit, medium segment units are priced at 40 Lakh and 60 Lakh per unit, while premium will have units priced above Rs. l crore.
The Anarock report said that while C.ovid 19 impacted the sec-tor, premium and luxury category customers were less impacted. It pointed at the large number of affordable projects launched in the last four to five year but lying unsold in cities.
‘Gurugram will pick up‘ Realtors based in Gurugram said that both builders and buyers were still strongly committed to the affordable housing segment. The rising price of construction material and inputs has no doubt put pressure on develop-ers of affordable projects as the price in the state is fixed at 4000 per sq feet and it has remained same for the last six years, they added.
Manish Yadav, a city-based dealer, said that many buyers in the affordable category had put their purchase decisions on hold due to the economic uncertainty caused by Covid-19. “Many people lost their jobs and some of them are not able to get loans so the slowdown will remain till economy recovers,” he said.
“Due to the lockdown the number of launches were less, but in the next two quarters the number of new project launches is going to be high. Unlike other markets Gurugram has strong demand for affordable housing and it will continue to remain as this demand has remained unmet for last two decades,” said Pradeep Agarwal. chairman. Signature Developers, an affordable housing group.
A senior official from the Haryana department of town and country planning said that almost 140 affordable category project proposals from various developers were under consideration in Gururgam and Faridabad. “A number of steps have been taken to make affordable housing more attractive to buyers and this has boosted demand.” said the official.