Cheap house
The real estate market is slow. The sales of houses are continuously falling. Meanwhile, a shocking report has come that the sale of houses worth less than 5 million has fallen by 9%. According to the report of property advisory firm Knight Frank India, sales of houses worth less than Rs 50 lakh in 8 major cities of the country have declined in January-March this year. The report explains high prices, high interest rates and low supply behind the dull demand of homes. However, realty experts say that the only reason for this is a major decline in the supply of cheap houses. Since Kovid, developers are focusing only on luxury or expensive houses. Cheap houses are not being built. Due to this, there is a huge shortage of option in the market.
In the last 4 years, the price of houses has increased in a manner. Due to this, affordable houses have also become crores now. Due to this, these houses have now gone out of the middle class budget. Many people are not able to buy their house even after wanting. Its effect is visible on the realty market. The demand for houses is continuously falling. If the supply of cheap houses has not increased in time, then the real estate sector can once again be in the grip of recession.
Demand for expensive houses also decreased rapidly
The advisory firm said that the buyers of this affordable housing section stayed away from the market due to high prices and high interest rates. Apart from this, lethargy in the supply of houses also played an important role in reducing the amount of sales. The January-March period saw more interest in premium and luxury segments. In contrast, the sales of houses worth Rs 1 to two crore were two percent with a slight increase of two percent to 22,330 units. During this period, the total sales of homes in these cities increased by two percent to 88,274 units.
Status of these 8 cities
The reports of the report have shown that the sales of houses worth less than Rs 50 lakh in eight major cities of the country declined nine percent to 21,010 units. According to the report, sales are promoting market growth in the higher price category, but the categories of Rs 50 lakh to Rs 1 crore and less than Rs 50 lakh have been dropped by six percent and nine percent respectively. Actually in this quarter, home buyers’ attention was on the premium category. Knight Frank India released this report on the data obtained from the markets of Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Pune, Hyderabad, Bangalore and Ahmedabad.
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