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Affordable home supply in major Indian cities dropped 38% in Jan-March due to rising costs and shifting demand to luxury segments. Only Delhi-NCR saw an increase in supply

38% fall in supply of affordable homes priced under Rs 60 lakh

<h2>Affordable home supply in major Indian cities dropped 38% in Jan-March due to rising costs and shifting demand to luxury segments. Only Delhi-NCR saw an increase in supply</h2>

The supply of affordable homes, priced up to Rs 60 lakh, fell by 38% across eight major cities in India during the January-March quarter of 2024, according to data from real estate analytics firm PropEquity. This decline, with new affordable housing units dropping to 33,420 from 53,818 units in the same period last year, is attributed to rising land and construction costs which have made affordable housing projects less viable.
<h3>Affordable housing supply</h3>
The eight cities analyzed in the report include Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune, and Ahmedabad. PropEquity's data indicates that the trend of declining new affordable housing supply began last year, with a 20% drop in 2023 compared to 2022. Only 179,103 units priced under Rs 60 lakh were launched in 2023, down from 224,141 units in 2022.
Samir Jasuja, CEO and MD of PropEquity, pointed out that real estate prices have surged by 50-100% in some cities over the past two years, coupled with increasing construction costs, making affordable housing projects less profitable. Additionally, post-pandemic demand for larger homes is driving developers towards mid-range and luxury segments that offer higher margins.
The new supply of homes priced up to Rs 60 lakh decreased significantly in several cities. In the MMR, supply dropped to 15,202 units from 22,642 units. Pune saw a plunge to 6,836 units from 12,538 units. Similarly, Ahmedabad's supply fell to 5,504 units from 5,971 units, Hyderabad to 2,116 units from 2,319 units, Chennai to 501 units from 3,862 units, Bengaluru to 657 units from 3,701 units, and Kolkata to 2,204 units from 2,747 units. However, Delhi-NCR saw an increase to 400 units from 38 units year-on-year.
Nitin Gupta, Secretary of CREDAI NCR, Bhiwadi-Neemrana, emphasized the importance of prioritizing affordable housing to make homeownership attainable for lower and middle-income individuals. He noted that major NCR cities currently lack sufficient affordable housing supply, although developers in tier II and III cities are launching such projects.
Jasuja also highlighted the need to redefine affordable housing, suggesting that properties up to Rs 60 lakh or with an area of 60 square meters should be classified as affordable units.
PropEquity, operated by PE Analytics Ltd, reported a 37% growth in total income to Rs 44.17 crore last fiscal year, up from Rs 32.3 crore in 2022-23. The platform tracks over 1,73,000 projects by 57,500 developers across 44 cities in India.
Also watch: <a href="https://www.editorji.com/business-news/home-prices-in-india-s-top-eight-cities-jump-10-in-q1-2024-1715856503776">Home prices in India's top eight cities jump 10% in Q1 2024</a>

Delhi NCR region has sold over 10,558 homes priced at more than ₹1 crore each. The demand accounted for 68% of the total demand for the region. 

Luxury housing market boom: Homebuyers flock to buy homes above ₹1 crore

Delhi NCR region has sold over 10,558 homes priced at more than ₹1 crore each. The demand accounted for 68% of the total demand for the region.&nbsp;

The housing sector has received a positive response from buyers with sales for the first quarter of 2024 registering a 9% uptick compared to the same period last year. The sales have been robust in Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Ahmedabad, Chennai, and Kolkata
Notably, the preference for ₹1 core or more home units has seen a sharp uptick this year as compared to last year. The demand for such units grew by 40% between January to March as compared to a 29% hike last year for the same period as per a Knight Frank report.&nbsp;
The report also indicated that this segment of units was most popular in the Delhi NCR region, selling approximately 10,558 units and amounting to 68% of total sales for the region. Following close, Bangalore and Mumbai sold 7,401 and 6,075 housing units of above ₹1 crore in the same period.&nbsp;
To meet the rise in demand, construction work has been ramped up with A total of 93,254 new residential units launched between January and March 2024 registering a growth of 7% year-on-year. Kolkata registered an 89% increase in new home unit launches for the first quarter of 2024.&nbsp;
Housing prices have surged across all eight metro cities, with Hyderabad leading the pack with a significant 13% year-on-year increase, driven by a growing focus on premium property development.
Nevertheless, Mumbai retains its status as the most expensive housing market, commanding ₹7,891 per square foot. It is followed by Bengaluru (₹6,145/sq ft), Hyderabad (₹5,655/sq ft), and the NCR (₹4,787/sq ft), respectively.
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Mid-segment homes priced from 40-80 lakh rupees continue to dominate new supply with a 33% share, followed by luxury priced over 1.5 crore rupees, accounting for 25% of the supply

Housing sales surge 14% in top 7 cities, average prices soar 10-32% in Jan-Mar: Anarock

<h2>Mid-segment homes priced from 40-80 lakh rupees continue to dominate new supply with a 33% share, followed by luxury priced over 1.5 crore rupees, accounting for 25% of the supply</h2>

Housing sales have risen 14 per cent, while average prices are up 10-32 per cent across seven major cities during the January-March period of this year, as demand continues to be strong, according to Anarock.
The sales of residential properties increased in Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Hyderabad, but declined in Delhi-NCR, Chennai and Kolkata.
On Wednesday, real estate consultant Anarock released its data for the top seven primary (first sale) residential markets in the country.
As per the data, housing sales rose 14 per cent to 1,30,170 units during January-March quarter this year across top seven cities, from 1,13,775 units in the year-ago period.
"The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket homes priced Rs 1.5 crore and above," Anarock Chairman Anuj Puri said.
Among cities, the housing sales in MMR rose 24 per cent to 42,920 units during January-March, from 34,690 units in the year-ago period.
In Pune, housing sales went up 15 per cent to 22,990 units from 19,920 units.
Hyderabad saw a 38 per cent increase in housing sales to 19,660 units from 14,280 units.
Housing sales in Bengaluru rose 14 per cent to 17,790 units from 15,660 units.
However, Delhi-NCR witnessed a 9 per cent decline in housing sales to 15,650 units from 17,160 units.
Housing sales in Kolkata too are estimated to have fallen 9 per cent to 5,650 units from 6,185 units.
In Chennai, the sales of residential properties have decreased 6 per cent to 5,510 units during January-March period this year, from 5,880 units in the corresponding period of the previous year.
Average residential property prices across the top 7 cities have appreciated 10-32 per cent annually in the first quarter of 2024.

The collective of top 7 cities, including MMR, Pune, Bengaluru, Hyderabad, NCR, Kolkata, and Chennai, contributed a substantial 91% to the overall residential sales in 2023. Each city showcased its distinct path within the real estate landscape.

Real estate sees record surge: Housing sales in top 7 cities up 31% in 2023

The collective of top 7 cities, including MMR, Pune, Bengaluru, Hyderabad, NCR, Kolkata, and Chennai, contributed a substantial 91% to the overall residential sales in 2023. Each city showcased its distinct path within the real estate landscape.

In a remarkable turn of events for the Indian real estate sector, the year 2023 witnessed a huge surge in housing sales across the country's top 7 cities, surpassing previous records, as revealed by the latest ANAROCK Research data.
With an increase of 31% year-on-year, approximately 4,76,530 units were sold in 2023 compared to 3,64,870 units in the preceding year across the top urban centers. This surge not only breached the 2022 high but also set a new pinnacle in the residential real estate market.
The MMR (Mumbai Metropolitan Region) emerged as the frontrunner with the highest sales, boasting a figure of around 1,53,870 units sold in 2023, marking a substantial 40% annual increase. Following closely behind, Pune recorded approximately 86,680 units sold during the same period, showcasing a remarkable 52% surge compared to 2022. The Western markets, including MMR and Pune, took the lead in driving residential sales throughout the year.
Furthermore, new launches in the top 7 cities also witnessed a substantial annual uptick of 25%, surging from around 3,57,640 units in 2022 to approximately 4,45,770 units in 2023. Notably, MMR and Pune dominated this front, accounting for nearly 54% of the total new launches in the real estate landscape.
Anuj Puri, Chairman of ANAROCK Group, expressed his views on this remarkable achievement, stating, "Despite prevailing global challenges, escalating domestic property prices, and initial interest rate hikes, the Indian housing sector has thrived in 2023. The housing sales soaring past the previous high of 2022 and concurrent new launches indicate a synchronized alignment with the escalating housing demands."
The top 7 cities, comprising MMR, Pune, Bengaluru, Hyderabad, NCR, Kolkata, and Chennai, accounted for a whopping 91% of the total residential sales in 2023. Each city displayed its unique trajectory in the real estate market, with varying percentages of sales growth contributing to this historic surge, underscoring the resilience and dynamism of the Indian housing sector amidst challenging economic landscapes. Also Watch: <a href="https://www.editorji.com/amp/web-stories/business/8-indian-cities-home-affordability-1701853603410">8 most &amp; least affordable Indian cities to buy a home</a>

Realty developers initiated projects in smaller towns such as Alwar, Sonepat, Panipat, and Meerut as many buyers seek destinations within 2-3 hours by car from their main city base for a spacious second home

DLF project sold within an hour of launch in Panipat

<h2>Realty developers initiated projects in smaller towns such as Alwar, Sonepat, Panipat, and Meerut as many buyers seek destinations within 2-3 hours by car from their main city base for a spacious second home</h2>

DLF Project: DLF's Panipat project reportedly was sold out within an hour of launch generating Rs 200 crore. The biggest realty developer in National Capital Region has ventured into the tier 3 market with a 10-acre plotted development project in Panipat, Haryana.
<h3>Demand for Plotted Projects</h3>
As per Economic Times, DLF project was sold at 15-25% premium compared to its competitors. DLF is also pushing large-scale projects for the second half of the financial years and is focusing on plotted and low-rise developments to generate revenue.
Also Read: <a href="https://www.editorji.com/business-news/670-godrej-properties-apartments-worth-rs-2-000-crore-sold-in-noida-1695806182390">670 Godrej Properties' Apartments worth Rs 2,000 crore sold in Noida</a>
&ldquo;DLF is already there in Panchkula, and the Panipat land was old, which it monetised at the right time. The project was sold at a 15&ndash;25% premium compared with its competitors. There is a lot of demand for plotted projects in these small towns within 2-3 hours driving distance from Delhi&rdquo;, a market expert told Economic Times
&ldquo;There are two big projects coming up in Gurgaon, while another project is lined up for launch in Mumbai. Since there was no major launch in the first two quarters, DLF focused on clearing small projects and generating cash flow to meet the guidance for the year,&rdquo; another market expert tolf Economic Times.
DLF has sold low-rise apartments worth Rs 7,650 crore in the NCR and Panchkula, since october 2020. The real-estate giant is also set to launch projects worth Rs 20,000 crore this fiscal year, with the combined value of two upcoming projects in Gurgaon estimated to be Rs 15,000 crore.&nbsp;
<h3>Projects in Tier-3 Cities</h3>
Realty developers including Godrej, Eldeco, Trident Realty, Mapsko, M3M, and Alpha have also initiated projects in smaller towns such as Alwar, Sonepat, Panipat, and Meerut, among others. The smaller cities around Delhi like Meerut, Karnal, and Alwar will soon connect to Delhi and Noida via brand new rapid train corridors that are separate from the congested century old rail roads.
As per Economic Times, experts globally said that many buyers seek destinations within 2-3 hours by car from their main city base for a spacious second home. With hybrid work cultures becoming more prevalent, many people are moving back to their hometowns, driving residential property demand.




According to the real estate consultancy firm Anarock, there was an 11% annual increase in average housing prices across the seven cities during July-September





 
 







Housing sales surge by 36% in top 7 cities in July-September: Anarock Report

Housing sales surge by 36% in top 7 cities in Jul-Sep: Anarock Report

<h2>According to the real estate consultancy firm Anarock, there was an 11% annual increase in average housing prices across the seven cities during July-September.</h2>

Housing sales in the top seven cities of India witnessed a remarkable 36% year-on-year increase in the July-September period, reaching a historic high of 120,280 units, according to Anarock, a leading real estate consultant. This surge is attributed to robust demand and stable mortgage rates. In the same period last year, housing sales stood at 88,230 units.
Anarock's report also revealed an 11% annual growth in average housing prices across these seven cities during the same quarter, with Hyderabad experiencing the highest rise at 18%.
Also read/watch: <a href="https://www.editorji.com/business-news/rbi-monetary-policy-here-s-what-to-expect-1695625064774">RBI Monetary Policy 2023: Interest rates likely to remain unchanged; Here's what experts say</a>
Quarterly sales for July-September achieved an all-time peak, emphasizing the housing market's strength during this period. The data covers sales of apartments, villas, and independent floors, excluding plots.
Anuj Puri, Chairman of Anarock, pointed out that the Mumbai Metropolitan Region (MMR) and Pune accounted for 51% of the total sales. He attributed this continued healthy sales momentum in part to the Reserve Bank of India's maintenance of the repo rate pause in recent monetary policies, which has kept home loan interest rates stable and bolstered housing purchase sentiment.
Key highlights from the report:
<ul>
<li>Delhi-NCR saw a 6% increase in housing sales, totaling 15,865 units in July-September 2023, compared to 14,970 units in the same period the previous year.</li>
<li>In MMR, housing sales grew by an impressive 46%, reaching 38,500 units from 26,400 units during the review period.</li>
<li>Bengaluru witnessed a 29% surge in housing sales, with 16,395 units sold during July-September this year, up from 12,690 units in the corresponding period last year.</li>
<li>Pune recorded the highest growth rate, with sales increasing by 63% to 22,885 units from 14,080 units. Hyderabad experienced a 41% rise in housing sales, totaling 16,375 units compared to 11,650 units. Chennai saw a 42% increase in housing sales, reaching 4,940 units from 3,490 units.</li>
<li>Kolkata's housing sales increased by 7% to 5,320 units during July-September, compared to 4,950 units in the same period last year.</li>
</ul>
The report indicates that the desire for homeownership, driven by rising income levels, has led to strong housing demand over the past few years, with this trend expected to continue. Demand for luxury housing is also expected to remain robust as people seek upscale living experiences, and the supply is anticipated to keep pace with this demand.

Affordable housing sales decline 18% to 46,650 units in Jan-Jun, with lower supply and higher mortgage rates impacting the market: Anarock report

Affordable housing sales drop 18%: Anarock

Affordable housing sales decline 18% to 46,650 units in Jan-Jun, with lower supply and higher mortgage rates impacting the market: Anarock report

Affordable housing sales have witnessed a notable decline in the first half of the year, as per the Anarock report, indicating a significant shift in the real estate market.
Sales of affordable homes priced below ₹40 lakh have dropped by 18%, amounting to 46,650 units across seven major cities, compared to 57,060 units during the same period last year. This decline has been attributed to lower supply and an increase in mortgage rates, both of which have impacted the demand for such properties.
The report highlights that the share of affordable housing in the overall housing sales has also experienced a considerable drop from 31% in the corresponding period last year to 20% in the first half of this year.
This shift in the demand dynamics can be attributed to the challenges posed by the COVID-19 pandemic and other factors faced by developers and consumers alike. Rising land costs have rendered it unviable for developers to construct low-margin mass housing projects, making affordable housing ventures less attractive, as per Anarock Chairman Anuj Puri.
Prospective home buyers in the affordable segment are also delaying their purchase decisions due to the escalation in housing prices and interest rates on home loans, according to Anarock.
On the supply side, the share of affordable homes in total new launches across the seven cities has declined from 23% to 18% during the January-June period.
In specific cities, the sales of affordable homes have witnessed fluctuations. In Mumbai Metropolitan Region (MMR), there was a slight dip in sales, while Bengaluru, Pune, Hyderabad, Chennai, and Kolkata all experienced varying degrees of decline.
Amidst these challenges in the affordable housing sector, platforms like PeProp.Money are trying to offer innovative solutions for developers, brokers, and buyers, by combining PropTech and FinTech.
Despite the current dip in affordable housing sales, the emergence of such platforms signifies a potential for positive change and growth in the sector.&nbsp;
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As per an Anarock report, housing sales across 7 cities reach an all-time high with 113,770 units being sold in first quarter of 2023

Quarterly housing sales reach an all-time high; 14% y-o-y spike

As per an Anarock report, housing sales across 7 cities reach an all-time high with 113,770 units being sold in first quarter of 2023

Housing sales have reached an all-time high in the January-March quarter, as per a report by real estate consultant Anarock. During the quarter, 113,770 units were sold across the top seven Indian cities amid a significant rise in demand for high-ticket priced homes, priced over ₹1.5 crore.
As per Anarock, this is 14% higher than the homes that were sold during the same period last year. By March 2022, 99,550 units were sold. Another report by ProEquity has said that the top 14 cities of the country witnessed an average increase of 7% year-on-year during the first quarter of the calendar year.&nbsp;
Pune, Thane and Hyderabad saw the highest number of housing units being sold. Pune sold 25,536 units in Q1 2023, a market share of around 21% in the entire sales, as per ProEquity. While 24,481 units were sold in Thane, 17,236 units were sold in Hyderabad. These three cities together accounted for 54% of the total sales across the 14 cities.
As per Anarock, almost 45% of people who wanted to buy a house in Delhi-NCR prefer 3 BHK houses. On an average in India, 42% prefer 3 BHK homes. However people in Mumbai Metropolitan Region prefer 2 BHKs over 3BHKs.&nbsp;
ProEquity also reported that the number of new residential units launched in India has declined since the outbreak of covid pandemic. New launches declined 18% year-on-year in the first quarter of 2023.&nbsp;

Construction work of nearly 4.8 lakh homes worth Rs 4.48 lakh crore are currently stuck or significantly delayed across seven major cities as per a recent report, Property consultant Anarock surveyed housing projects that were launched in 2014 or before across seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
Anarock said that the Delhi-NCR and MMR together account for 77 per cent of the total stuck/delayed housing units, while the southern metros Bengaluru, Chennai, and Hyderabad have just 9 per cent.Pune has about 9 per cent share, while Kolkata accounts for 5 per cent.At the end of December 2021, NCR had 2,57,360 stuck/delayed units worth Rs 1,94,034 crore.In MMR, 1,28,870 units are stuck/delayed worth Rs 1,84,226 crore.Homebuyers in Delhi-NCR have been worst affected with several builders including Jaypee Infratech, Unitech, Amrapali, and The 3C Company, defaulting in their promises to deliver their projects.

Lakhs of housing projects stuck incomplete, which region is the worst?

Homebuyers in Delhi-NCR have been worst affected with several builders defaulting in their promises to deliver their projects

Construction work of nearly 4.8 lakh homes worth Rs 4.48 lakh crore are currently stuck or significantly delayed across seven major cities as per a recent report, Property consultant Anarock&nbsp;surveyed&nbsp;housing projects that were launched in 2014 or before across seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
Also read/watch|<a title="&nbsp;Chinese tech firm and owner of PUBG buys stake in Flipkart, informs 6 months later" href="https://www.editorji.com/business-news/chinese-tech-firm-and-owner-of-pubg-buys-stake-in-flipkart-informs-6-months-later-1655092538068">&nbsp;Chinese tech firm and owner of PUBG buys stake in Flipkart, informs 6 months later</a>
Anarock said that the Delhi-NCR and MMR together account for 77 per cent of the total stuck/delayed housing units, while the southern metros Bengaluru, Chennai, and Hyderabad have just 9 per cent.Pune has about 9 per cent share, while Kolkata accounts for 5 per cent. At the end of December 2021, NCR had 2,57,360 stuck/delayed units worth Rs 1,94,034 crore.In MMR, 1,28,870 units are stuck/delayed worth Rs 1,84,226 crore. Homebuyers in Delhi-NCR have been worst affected with several builders including Jaypee Infratech, Unitech, Amrapali, and The 3C Company, defaulting in their promises to deliver their projects.

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