About 4 Lakh Affordable Homes Lying Unsold In Major Cities: PropTiger.com

New Delhi: The number of affordable homes lying unsold in country’s major cities at the end of June 2019 was a staggering 4 lakh units priced up to Rs 45 lakh, according to a report by realty portal PropTiger.com.

Only 39,824 affordable housing units were sold in first quarter (Q1) for the current fiscal as compared to 42,828 units in Q1 of last fiscal, representing a fall of seven percent.

Even the launches in the affordable category by developers came down. The number of launches in Q1 of last fiscal stood at 41,354 units which came down to mere 18,042 units in Q1 of the current financial year, representing a drop of 56 percent. 

However, the sales of affordable home may see an improvement in the coming quarter with the government announcing a slew of measures recently to boost sales of such houses, says Dhruv Agarwala, Group CEO-Housing.com, PropTiger.com, Makaan.com, Fastfox.com.

“A low interest rate regime along with the measures announced in the Budget to push affordable housing would encourage homebuyers to invest actively in this category now,” he says.  

The overall unsold stock of developers in nine key cities-Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, Mumbai, Noida and Pune- stood at 797,623 units at the end of Q1 of the current financial year.