Affordable Housing aiding the Residential sales

Driven by the several measures by the government including sops offered in the Interim Budget, GST rate cuts and lowering of home loan rates post the RBI’s recent repo cut, the first quarter of 2019 has witnessed rise in both housing sales and new supply. The sales and new launches remained muted during the period of election year trends.

Basis a report, during the quarter end, residential property sales rose from 58% from a year ago to 78,520 apartments across the top 7 cities in the country where Delhi NCR region, Pune and MMR (Mumbai Metropolitan Region) led the to the hike in the sales. Affordable Housing saw the maximum increase at 44% of all the total new supply.

Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder & Chairman – Signature Global India pvt ltd says, “Affordable Housing mainly contributed to the rise in the sales of the residential properties taking into account the various incentives provided by the government for the segment. Additionally, the RBI policy cut rates by 25 bps will not only be a positive outcome for the Real Estate sector, but also for the eligible new home borrowers who can take advantage of the subsidies scheme under PMAY (Pradhan Mantri Awas Yojana). This move will be a big boost for affordable housing and help for first time home buyers also the rate cut brings fetches confidence for the market as this will make availability of more money at the banks thereby lowering the EMI burdens.”

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