Sales of affordable homes have drastically dropped to just 18% of total sales in 2024, a significant decline from 38% in 2019, according to Anarock Property Consultants. The challenges faced by private developers are reshaping the real estate landscape.
Affordable HousingReal EstateDevelopersGovernment CompaniesHousing MarketReal Estate MumbaiJan 20, 2025
Affordable housing is defined as houses priced up to Rs 45 lakh and up to 60 square metres in major cities.
Big national developers are moving out due to high land costs, increasing construction expenses, and thin profit margins, making it difficult to sustain operations without compromising on quality.
Government companies like NBCC and state-level players in tier II and III cities are still active in the affordable housing sector.
The main challenges include high land costs, increasing construction expenses, taxes, and delays in securing permissions, which make the projects too expensive for developers.
Developers are asking for incentives and tax breaks, such as the '100% tax holiday' under Section 80-IBA of the Finance Act, 2016, to be brought back to reinvigorate the market.
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