Affordable Housing Sales Drop 4% in Top 8 Cities: A Shift Towards Luxury
Affordable housing sales declined 4% in top 8 cities, including Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata, Pune, and Ahmedabad, due to lower supply and higher demand for luxury apartments.
Affordable HousingLuxury ApartmentsPropequityReal EstateIndian Real Estate IndustryReal Estate PuneJun 16, 2024
One of the key factors contributing to this decline is the lower supply of affordable homes. PropEquity data shows that the fresh supply of homes, up to Rs 60 lakh each, declined to 33,420 units during January-March 2024, a significant drop from 53,818 units in the year-ago period.
Builders are shifting their focus towards launching luxury apartments to cash in on the surge in demand for premium residential properties. Profit margins are also higher in luxury projects. As a result, the sales of homes priced up to Rs 60 lakh declined to 2,35,340 units in the 2023 calendar year, from 2,51,198 units in the preceding year.
However, there are some positive trends in certain cities. For instance, the sales of homes priced up to Rs 60 lakh rose in MMR to 28,826 units during January-March this year, from 23,401 units in the year-ago period. In Kolkata, sales rose to 3,741 units from 2,831 units.
PropEquity is an online provider of analytics, data, and deal flows covering the Indian real estate industry. The company tracks over 1,73,000 projects of 57,500 developers across 44 cities in India on a real-time basis.
Information PropEquity is a leading real estate data analytics firm that provides insights and data-driven solutions to the Indian real estate industry. The company is a subsidiary of PE Analytics Ltd, listed on the stock exchange.
PE Analytics Ltd is a leading provider of analytics, data, and deal flows covering the Indian real estate industry. The company reported a 37% growth in total income to Rs 44.17 crore last fiscal from Rs 32.3 crore in 2022-23.
Frequently Asked Questions
What is the decline in affordable housing sales in top 8 cities?
The sales of affordable homes, priced up to Rs 60 lakh each, have declined by 4% in the top 8 cities of India.
What is the reason for this decline?
One of the key factors contributing to this decline is the lower supply of affordable homes.
Which cities have seen a rise in affordable housing sales?
MMR and Kolkata have seen a rise in affordable housing sales.
What is PropEquity?
PropEquity is an online provider of analytics, data, and deal flows covering the Indian real estate industry.
What is PE Analytics Ltd?
PE Analytics Ltd is a leading provider of analytics, data, and deal flows covering the Indian real estate industry, and is the parent company of PropEquity.
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