AFFORDABLE HOUSING KEEPS THE RESIDENTIAL MARKET AFLOAT



Impact of regulatory mechanisms such as RERA and GST were felt all along 2018 with all stakeholders — real estate developers, home buyers and real estate brokers — finally accepting the new market realities. With RERA being in place, the focus of the buyers was on completing the existing projects rather than launching the new ones.

Also, the developers increased their focus on the affordable segment supported by government incentives. Ready-to-move-in properties garnered maximum buyer interest. Affordable housing, backed by a series of government sops during 2018, kept the residential supply momentum ticking. Talking about the launches, mid segment accounted
for 45 percent of the total launches, with the affordable segment close on its heels with a 42 percent share.

Mr.Pradeep Aggarwal, Co founder& Chairman, Signature Global and Chairman, National Council on Affordable Housing, ASSOCHAM says, “Government continued its focus on affordable housing and made policy changes to promote it. In the beginning of the year it reduced GST rates from 12 per cent to 8 per cent on affordable
houses constructed under Pradhan Mantri Awas Yojana which in a way proved out to be a catalyst for the affordable housing segment.”

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