Affordable houses fuelling the realty market in the top 7 cities of India

With the overall increase in the residential launches and sales across the top seven cities in India, developers have started focussing more on the accelerating momentum which led to the growth of the launches by 53% (YOY) and the sales being expanded by 42% as compared to that of 2017. However, affordability levels improved over the last five years and the key seven cities – Delhi NCR, Bengaluru, Chennai, Hyderabad, Mumbai, Pune and Kolkata have witnessed enhanced affordability between the year 2013 and 2018.

The extensive reasons for the enlarged affordability across these cities owe to the reduced mortgage interest rate, stagnant property price and growth in the household income (CAGR) of 8% to 10%. Also, the market driven demand requirements which are being aligned with development firms in these cities will continue to offer quality housing. This is easing the affordability on the part of the homebuyers.

Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, and Founder & Chairman – Signature Global India pvt ltd says, “The increase in the launches and the sales of residential units have surely gained momentum in the last few years owing to the incentives provided by the government for the sector. With the increasing transparency with the implementation of RERA, the real estate sector is anticipated to fuel up for higher sales in the upcoming years.”

Add a Comment

Your email address will not be published. Required fields are marked *