Shares of affordable homes of up to ₹45 L shrink 22% in Jan-Mar
Share of affordable homes — priced up to ₹45 lakh each — in total housing sales more than halved to 22% during January-March across top eight cities amid strong demand for luxury flats, according to PropTiger.
Share of affordable homes in total housing sales stood at 48% in the January-March period of 2023 calendar year.
Housing brokerage firm PropTiger.com data showed that housing sales grew by 41 per cent to 1,20,640 units during January-March 2024 across top eight cities from 85,840 units in the corresponding period of the previous year.
In the total sales of 1,20,640 units during January-March, the share of homes, priced less than ₹25 lakh each, was 5%.
In the same period last year, the share of this low-cost housing category in total sales was 15%. The share of homes, priced ₹25-45 lakh each, was 17% during January-March 2024 as against 23% share in the corresponding period of the previous year.
“There has been a remarkable shift post the pandemic towards high-end properties,” PropTiger said in its quarterly report ‘Real Insight Residential January-March 2024’.
The share of properties priced ₹1 crore and above has increased to a significant 37% in the first quarter of 2024, significantly higher than 24% in the same period of 2023, the consultant observed.
As per the data, the share of homes, priced ₹45-75 lakh, in total sales remained flat at 26% during the period under review.
The share of homes, costing ₹75 lakh-1 crore each, in the total sales increased to 15 per cent in January-March this year from 12% share in the year-ago period.
The top eight cities are Ahmedabad, Bengaluru, Chennai, Delhi- NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune.
Delhi-NCR includes Ghaziabad, Faridabad, Greater Noida, Noida and Gurugram.
MMR includes Mumbai, Thane and Navi Mumbai.
As per the data, housing sales in value terms rose to ₹1,10,880 crore in the January-March period of this calendar year from ₹66,155 crore in the yearago period.
In terms of area, housing sales surged 63% to 162 million square feet in the first quarter of this calendar year from 99 million square feet in the corresponding period of the previous year.