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Real estate developers may deliver over 4.5 lakh affordable housing units — where the price does not exceed ₹45 lakh — in the coming 15 months, according to a report by PropTiger, a real estate consulting firm.
The report titled, ‘Real Insight Q2 report’ mentioned that the demand for affordable homes is expected to increase in the near future amid record low-interest rates and higher tax benefits.
It further added that overall 7.95 lakh housing units between October 2019 and December 2020 would be delivered in India’s nine major property markets.
Over 3.1 lakh units are set to enter the market in the last three months of 2019 while the remaining 4.83 lakh units would be delivered through the course of 2020, the report added.Ś
“Considering 26 per cent of all units set for delivery in the next 15 months are unsold homes, new home buyers will have plenty of ready-to-move-in options to pick from,” said Dhruv Agarwala, Group CEO, Elara Technologies, which owns PropTiger.com
According to the report, majority of the units set for delivery would be 2BHK and 1BHK units. Nearly 3.45 lakh of all units set for delivery would be 2BHK homes while 2.16 lakh homes would be in 1BHK units. While another 1.95 lakh units will be 3BHK homes.
A city-wise break-up shows the majority of the units would be delivered in the Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) markets. While the majority of 2BHK units would be concentrated in the NCR, a large part of the 1BHK homes would come up in Mumbai.
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