If you are looking for a cheap house to have a roof over your head, then this news is for you. There is a plethora of affordable houses in the country’s major cities, National Capital Region Delhi, Mumbai Metropolitan Region -MMR, Bangalore, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. Due to the decrease in the sale of houses here, a large number of cheap and good houses are available for sale.
According to the report, the sale of affordable houses priced up to Rs 60 lakh in the January-March quarter in 8 major cities of the country has declined by 4 percent to 61,121 units. According to PropEquity, a company that analyzes real estate data, the reason for this is low supply and high demand for luxury apartments.
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. 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 8 cities declined to 33,420 units during January-March, 2024 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. 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 2019, sales of homes priced up to Rs 60 lakh stood at 2,26,414 units. In the calendar year 2020, sales in this price range 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.
Tags: Home loan EMI, Property market
FIRST PUBLISHED : June 16, 2024, 15:16 IST