Green shoots emerge in Residential Realty

The dominance of affordable housing continued on both the counts, driven by government incentives which has not only made housing projects attractive but also strengthened the confidence of end-users. The country’s residential real estate market is beginning to look up. The residential realty market might just have adjusted to the structural reforms of RERA and GST, if recent signs of a slight perk-up are an indicator.

As stated in the research report, the highest supply in the affordable housing segment during the quarter was in Pune, followed by MMR and NCR, where the segment accounted for 75%, 49% and 82% of the total new supply, respectively. Apartments priced below 50 lakh accounted for over 58% of the sales in the December quarter. This cost segment saw 66% new launches.

Mr Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder and Chairman – Signature Global India Pvt. Ltd. said, “Though the residential sector has gone through ups and downs in the previous years but as the government has announced to extend the tax holiday by a year for new affordable housing projects in the recent budget, it is expected to increase the supply in this segment. It is indeed a great move and will help builders gain more confidence to launch new projects.”

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