Over 6 Lakh Affordable Homes Negatively Impacted Due To Corona Outbreak
New Delhi: The affordable segment of hoses have been negatively impacted due to the ongoing corona virus pandemic. As many as 6.1 lakh affordable homes have been under constructed, representing about 39 percent of all houses under construction in the top seven cities of the country.
“This segment will be severely impacted by the current COVID-19 outbreak. The target audience typically has limited income and unemployment fears currently loom large. This could result in deferred property purchase decisions in 2020 and ultimately derail the segments’ growth momentum. As a result, unsold affordable stock can rise by 1-2 percent on a y-o-y basis,” said Anuj Puri, Chairman, ANAROCK Property Consultants.
Of the 6.1 lkah houses, Delhi NCR and Mumbai account for about 59 percent or 3.59 lakh homes. These were launched between 2013 and 2019. These two cities have 57 percent share or about 1.34 lakh homes of the overall unsold stock of 2.34 lakh units in the budget homes category. (Unsold affordable stock consists of both under-construction and ready-to-move homes.)