Affordable housing has always been the talk of the town. Post pandemic, people have started to come out of their shells, looking for affordable housing. However, according to real estate consultant PropTiger, the affordable housing in the segment of Rs 45 lakh has declined to 43 per cent from 48 per cent in 2021, while the contribution for the house segments above Rs 75 lakh saw a sweet increase of 31 per cent from 25 per cent in the same year.
In a report titled ‘Real Insight Residential – Annual Round-up 2021, the data suggested that around 43 per cent of housing sales fall under the price bracket of Rs 45 lakh. Whereas, houses falling under the range of Rs 45 lakh-Rs 75 lakh increased to 27 per cent in 2021 which was 26 per cent in the previous year. The share of apartments that fall under the price category of Rs 74 lakh to Rs 1 crore increased to 11 per cent from 9 per cent.
The report also segregated the eight major cities where the market is seeing a boom – Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad). Mumbai, and Pune.
PropTiger said that the government’s policy of affordable housing is also acting as one of the factors attracting a lot of buyers in India in 2022. Under Pradhan Mantri Awas Yojana Programme (PMAY), an individual taking a loan worth up to Rs 45 lakh for the first time has the luxury to avail an additional tax deduction of Rs 1.50 lakh under Section 80EEA of the Income Tax.
“In addition to government subsidies, record low home loan interest rates too, have been a great driver of home sales in the country in 2021 even as the economy slowly recovered from the shock of the second wave of the pandemic during the year,” said Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, and Makaan.com.
“We expect to see more intense activity in the housing market in 2022, especially in the affordable homes segment as various deadlines to avail of the government subsidies near the end,” Dhruv added further.
“The central government’s Rs 48,000 crore outlay to augment the supply in the affordable housing segment in both rural and urban areas is a welcome step which will accelerate the vision of Housing for all,” said Ankita Sood, Head of Research, Housing.com, PropTiger.com & Makaan.com.
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