Despite Corona setbacks since the beginning of last financial year, the creditable performance shown by the affordable and mid- priced housing segment, bodes well for the recovery of the residential sector.
A recent industry report has shown that affordable homes priced below Rs 30 lakh , have recorded 30 percent traction. This translates to a rise of 12 percent over the previous quarter. Today, 87 percent home buyers prefer homes costing between Rs 30 lakh and one crore.More home buyers are today looking for affordable and mid priced premium homes, considering it to be a reliable and secure investment, The growing preference for affordable and mid-segment homes Today, 70 percent of home inventory is concentrated in the budget bracket of Rs 30-60 lakh and Rs 60 lakh – 1 crore .It is also reflected in the high demand for 2 BHK units. Presently 2 BHK homes are cornering about 50 percent of the overall residential sales.
Says Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, ” Developers have tweaked affordable and mid-segment homes, as more flexible spaces, with provisions for home office, in line with the changed buying preference of home buyers post- corona . With most of the inventory in affordable and mid-priced categories, it is this segment which will continue to drive the residential recovery.