Driven by a rise in demand for affordable homes, sales of houses have seen a rise in demand for affordable housing pushing up total sales in the first half of 2019, a report said.
Driven by a rise in demand for affordable homes, sales of houses have seen a rise in demand for affordable housing pushing up total sales in the first half of 2019, a report said. The residential realty market saw a surge in demand for affordable houses by nearly 4 per cent to 0.13 million units in the given period. A surge of 31 per cent on-year to 23.9 mn sq ft was seen in office supply, according to a report by property consultant Knight Frank. In the eight major cities of the country, the sales of houses rose by 4 per cent to 1.29 lakh units and supply of new homes rose by 21 per cent to 1.11 lakh units during January-June 2019 from 1.24 lakh units in the year-ago period, it added.
While the sale rose from 1,24,288 units to 1,29,285 units, fresh launches increased to 1,11,175 units from 91,739 units during the given period. The report tracks demand, supply and prices of residential and office properties in eight cities namely Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad.
“The concerted efforts by the government and the incentives given have resulted in substantial demand in affordable housing which has resulted in an overall boost to residential sales. This also seems to be in line with the government vision for ‘housing for all’,” said Shishir Baijal, CMD, Knight Frank India.
A fall of 9 per cent to 4,50,263 units was seen in the unsold inventories with the developers, the report also said. Maximum increase in demand was seen in NCR with sales increasing by 10 per cent at 19,852 units during the first six months of this year, the data showed. Bengaluru followed up with 9 per cent rise at 28,225 units. The sales of houses in Pune were up by 6 per cent at 17,364 units, 5 per cent in Chennai at 8,979 units, 4 per cent in Mumbai to 33,731 units, 2 per cent in Ahmedabad at 8,212 units. Demand was flat at 8,334 units in Hyderabad.