Supply-demand gap for affordable housing in MMR
Real Estate

Supply-demand gap for affordable housing in MMR

Despite considerable demand for affordable housing in the Mumbai Metropolitan Region (MMR), there is a significant supply gap in the low-income category, i.e. houses costing less than Rs 25 lakh. According to a Knight Frank and Naredco report, while demand for this segment is 67 percent, supply is only 22 percent. This is primarily due to the high cost of land, as well as better returns from other asset classes, which makes it unviable for real estate developers to undertake affordable housing projects in prime areas.

MMR registered high demand for affordable housing units with 67 percent demand concentration being registered for units less than Rs 25 lakh. The demand concentration for housing units in the range of Rs 25 to Rs 50 lakh was recorded at 13 per cent and units above Rs 50 lakh at 20 per cent.

The supply of housing units above Rs 50 lakh recorded the highest concentration at 44 per cent followed by units in the range of Rs 25 to Rs 50 lakh at 34 per cent. The supply concentration for housing units less than Rs 25 lakh was recorded the lowest at 22 per cent, clearly showcasing the huge supply gap for urban affordable housing in the region, it said.

Despite considerable demand for affordable housing in the Mumbai Metropolitan Region (MMR), there is a significant supply gap in the low-income category, i.e. houses costing less than Rs 25 lakh. According to a Knight Frank and Naredco report, while demand for this segment is 67 percent, supply is only 22 percent. This is primarily due to the high cost of land, as well as better returns from other asset classes, which makes it unviable for real estate developers to undertake affordable housing projects in prime areas. MMR registered high demand for affordable housing units with 67 percent demand concentration being registered for units less than Rs 25 lakh. The demand concentration for housing units in the range of Rs 25 to Rs 50 lakh was recorded at 13 per cent and units above Rs 50 lakh at 20 per cent. The supply of housing units above Rs 50 lakh recorded the highest concentration at 44 per cent followed by units in the range of Rs 25 to Rs 50 lakh at 34 per cent. The supply concentration for housing units less than Rs 25 lakh was recorded the lowest at 22 per cent, clearly showcasing the huge supply gap for urban affordable housing in the region, it said.

Next Story
Infrastructure Energy

KPCL to Establish Solar Projects at Thermal Power Stations in Karnataka

In line with the Energy Department’s initiative to boost renewable energy capacity, Karnataka Power Corporation Limited (KPCL) will install ground-mounted solar power projects across three of its thermal power stations in the state. The 100.1 MW projects will be located at Ballari Thermal Power Station (BTPS), Yermarus Thermal Power Station (YTPS), and Raichur Thermal Power Station (RTPS), with an estimated cost of ?411.4 crore. The project will be overseen by Tehri Hydro Development Corporation (THDC), a public-sector enterprise under National Thermal Power Corporation Limited, which has a..

Next Story
Infrastructure Transport

Nitin Gadkari Emphasises Urgent Need for Enhanced Road Safety Measures

Union Minister for Road Transport and Highways, Nitin Gadkari, stressed the immediate need for improved road safety measures and urged the road construction sector to adopt new technologies and sustainable construction materials. Speaking at the two-day Global Road Infratech Summit & Expo (GRIS) in New Delhi, with the theme "Vision Zero: Sustainable Infratech and Policy for Safer Roads," Shri Gadkari pointed out that a significant number of road accidents in India occur due to inadequate civil engineering practices in road design, construction, and management, as well as poor road signage and ..

Next Story
Infrastructure Transport

BBMP Extends Deadline for KR Puram-Nayandahalli Tunnel DPR

Following a failed attempt at securing a consultancy firm for the Detailed Project Report (DPR) of the Hebbal-Silkboard vehicular tunnel in Bengaluru, the Bruhat Bengaluru Mahanagara Palike (BBMP) is now seeking firms to prepare the DPR for the 28 km double-decker tunnel connecting KR Puram and Nayandahalli. The BBMP extended the deadline for bid submissions to March 11 after receiving no responses initially. The BBMP had first invited tenders for the tunnel project on January 25 but faced no interest from consultancy firms. A second call for bids was made on February 15. The BBMP had also pr..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?