Affordable segment share in property sales drops to 43%: Report
Real Estate

Affordable segment share in property sales drops to 43%: Report

According to a report by PropTiger, 43% of all property sales in India's eight main housing markets were within the price category of Rs 45 lakh, a cap required to qualify for specific government incentives on home purchases in India.

As per the report, government policy support is likely to boost the attraction for affordable homes in India in 2021.

As a result, the world's second most populated country witnessed an increase in both annual home sales and supply.

In 2021, the annual round-up of 2021 home sales in eight leading housing markets of India reached 13% compared to the total sales in 2020.

India allows first-time homebuyers an extra tax deduction of Rs 1.50 lakh under Section 80EEA of its income tax code if the unit is worth up to Rs 45 lakh. A borrower who qualifies for the government's Pradhan Mantri Awas Yojana (PMAY) Program may be eligible for a subsidy.

As per the report, in 2021, the up-to-Rs-45-lakh-price bracket contributed 41% to the annual new supply in these eight markets.

Overall, 2.14 lakh units were introduced in 2021 in these markets compared to 1.22 lakh units in the previous year, showcasing an upward swing of 75%.

The residential markets covered in the report include Delhi-NCR, Mumbai Metropolitan Region (MMR) and Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, and Kolkata.

The Central Government outlay of Rs 48,000 to increase the supply in the affordable housing segment in rural and urban areas is a step that would accelerate the vision of Housing for all.

Ankita Sood, Head and Research, PropTiger, told the media that besides boosting the supply, there is also a requirement to boost the demand in the sector via tax rebates, stamp duty waivers and by increasing the capping for homes to qualify as affordable homes in metro cities to further incentivise homebuyers.

Image Source

Also read: Affordable housing in Gujarat vital to match requirements: NAREDCO

According to a report by PropTiger, 43% of all property sales in India's eight main housing markets were within the price category of Rs 45 lakh, a cap required to qualify for specific government incentives on home purchases in India. As per the report, government policy support is likely to boost the attraction for affordable homes in India in 2021. As a result, the world's second most populated country witnessed an increase in both annual home sales and supply. In 2021, the annual round-up of 2021 home sales in eight leading housing markets of India reached 13% compared to the total sales in 2020. India allows first-time homebuyers an extra tax deduction of Rs 1.50 lakh under Section 80EEA of its income tax code if the unit is worth up to Rs 45 lakh. A borrower who qualifies for the government's Pradhan Mantri Awas Yojana (PMAY) Program may be eligible for a subsidy. As per the report, in 2021, the up-to-Rs-45-lakh-price bracket contributed 41% to the annual new supply in these eight markets. Overall, 2.14 lakh units were introduced in 2021 in these markets compared to 1.22 lakh units in the previous year, showcasing an upward swing of 75%. The residential markets covered in the report include Delhi-NCR, Mumbai Metropolitan Region (MMR) and Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, and Kolkata. The Central Government outlay of Rs 48,000 to increase the supply in the affordable housing segment in rural and urban areas is a step that would accelerate the vision of Housing for all. Ankita Sood, Head and Research, PropTiger, told the media that besides boosting the supply, there is also a requirement to boost the demand in the sector via tax rebates, stamp duty waivers and by increasing the capping for homes to qualify as affordable homes in metro cities to further incentivise homebuyers. Image Source Also read: Affordable housing in Gujarat vital to match requirements: NAREDCO

Next Story
Infrastructure Transport

Anand Vihar and Punjabi Bagh Flyovers Ready

Work on two major road infrastructure projects, the Anand Vihar flyover and the Punjabi Bagh flyover, has been completed but are yet to be opened for public use, according to officials. Located in highly congested areas, work on these projects started around two years ago. "The work on the flyover is complete and it is ready for opening," said a PWD official on Wednesday. According to sources, both the flyovers are likely to be inaugurated closer to the assembly elections in Delhi, scheduled for early next year. During the time the work was under way, motorists faced heavy traffic congestion ..

Next Story
Infrastructure Transport

RDSO finalise oscillation trials on Indore Metro

Indore Metro Phase 1 advances with the completion of oscillation and brake performance trials on the Yellow Line through three coaches manufactured by Alstom conducted by Research Design and Standards Organisation (RDSO). The oscillation trials were conducted with an aim to evaluate the stability and performance of the three different coaches during the movement, ensuring that the commencement of operation on Indore metro meets the safety and performance standard. The Emergency Braking Distance (EBD) was also reviewed by the RDSO team to evaluate the efficient stopping of trains during the op..

Next Story
Infrastructure Urban

IIT Guwahati develops sustainable geopolymer

A research team at the Indian Institute of Technology Guwahati, led by Prof. Anil K. Mishra from the Department of Civil Engineering, has developed an innovative solution to two major global challenges: industrial waste management and sustainable construction. Their research focuses on creating a geopolymer using industrial byproducts and waste materials, such as water treatment sludge (WTS), fly ash (FA), and ground granulated blast furnace slag (GGBS). “With the rapid pace of urbanisation and industrialisation, managing industrial waste has become a critical global issue," said IIT Guwaha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000