Country In the January-March quarter, sales of affordable homes priced up to Rs 60 lakh in eight major cities of the country declined by four per cent to 61,121 units. Low supply of affordable homes is the main reason for this decline in sales. According to the data, the supply of new homes up to Rs 60 lakh in these top eight cities during January-March, 2024 declined to 33,420 units from 53,818 units in the same period a year ago. Builders are focusing more on offering luxury apartments to capitalise on the growing demand for premium residential properties. The profit margin is also higher in luxury projects. This information has been received from the report of PropEquity, a company that analyzes real estate data.
Data collected from these eight cities
These eight major cities are National Capital Region-Delhi, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. Data from PropEquity shows that sales of homes costing up to Rs 60 lakh stood at 63,787 units in the January-March period of the previous calendar year. According to the data, housing sales in this price range declined to 2,35,340 units in the 2023 calendar year from 2,51,198 units in the previous year. In the year 2019, sales of homes priced up to Rs 60 lakh stood at 2,26,414 units.
Demand fell again
In the calendar year 2020, sales in this price category dropped to 1,88,233 units amid the Covid pandemic. However, sales rebounded in 2021 and 2022 to 2,17,274 units and 2,51,198 units respectively. Sales declined again in 2023 to 2,35,340 units as compared to the previous year.
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