Affordable segment share in property sales drops to 43%: Report
Real Estate

Affordable segment share in property sales drops to 43%: Report

According to a report by PropTiger, 43% of all property sales in India's eight main housing markets were within the price category of Rs 45 lakh, a cap required to qualify for specific government incentives on home purchases in India.

As per the report, government policy support is likely to boost the attraction for affordable homes in India in 2021.

As a result, the world's second most populated country witnessed an increase in both annual home sales and supply.

In 2021, the annual round-up of 2021 home sales in eight leading housing markets of India reached 13% compared to the total sales in 2020.

India allows first-time homebuyers an extra tax deduction of Rs 1.50 lakh under Section 80EEA of its income tax code if the unit is worth up to Rs 45 lakh. A borrower who qualifies for the government's Pradhan Mantri Awas Yojana (PMAY) Program may be eligible for a subsidy.

As per the report, in 2021, the up-to-Rs-45-lakh-price bracket contributed 41% to the annual new supply in these eight markets.

Overall, 2.14 lakh units were introduced in 2021 in these markets compared to 1.22 lakh units in the previous year, showcasing an upward swing of 75%.

The residential markets covered in the report include Delhi-NCR, Mumbai Metropolitan Region (MMR) and Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, and Kolkata.

The Central Government outlay of Rs 48,000 to increase the supply in the affordable housing segment in rural and urban areas is a step that would accelerate the vision of Housing for all.

Ankita Sood, Head and Research, PropTiger, told the media that besides boosting the supply, there is also a requirement to boost the demand in the sector via tax rebates, stamp duty waivers and by increasing the capping for homes to qualify as affordable homes in metro cities to further incentivise homebuyers.

Image Source

Also read: Affordable housing in Gujarat vital to match requirements: NAREDCO

According to a report by PropTiger, 43% of all property sales in India's eight main housing markets were within the price category of Rs 45 lakh, a cap required to qualify for specific government incentives on home purchases in India. As per the report, government policy support is likely to boost the attraction for affordable homes in India in 2021. As a result, the world's second most populated country witnessed an increase in both annual home sales and supply. In 2021, the annual round-up of 2021 home sales in eight leading housing markets of India reached 13% compared to the total sales in 2020. India allows first-time homebuyers an extra tax deduction of Rs 1.50 lakh under Section 80EEA of its income tax code if the unit is worth up to Rs 45 lakh. A borrower who qualifies for the government's Pradhan Mantri Awas Yojana (PMAY) Program may be eligible for a subsidy. As per the report, in 2021, the up-to-Rs-45-lakh-price bracket contributed 41% to the annual new supply in these eight markets. Overall, 2.14 lakh units were introduced in 2021 in these markets compared to 1.22 lakh units in the previous year, showcasing an upward swing of 75%. The residential markets covered in the report include Delhi-NCR, Mumbai Metropolitan Region (MMR) and Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, and Kolkata. The Central Government outlay of Rs 48,000 to increase the supply in the affordable housing segment in rural and urban areas is a step that would accelerate the vision of Housing for all. Ankita Sood, Head and Research, PropTiger, told the media that besides boosting the supply, there is also a requirement to boost the demand in the sector via tax rebates, stamp duty waivers and by increasing the capping for homes to qualify as affordable homes in metro cities to further incentivise homebuyers. Image Source Also read: Affordable housing in Gujarat vital to match requirements: NAREDCO

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?