The Impact of Affordable Housing Schemes in Major Cities.

By Abhay Harish Shah , Realty Quarter

Due to the RERA Act and buyer protected schemes, the Real Estate market has seen some growth in the last 1 year. According to the report cities such as Mumbai, Hyderabad and Kolkata are the most preferred cities who have seen tremendous growth in a property sale. Mumbai is the most top who has mentioned sales of 70,794 units, which is more than a quarter of total sales in the top 8 cities.

During the financial year 2018-19, the tier I cities for residential property has gained 5% from a year ago.

Liases Foras Research & Rating reported that compared to Mumbai Delhi (NCR) has managed with 54,174 units which contribute about 19.5% of total sales in tier I cities.

Pune has appeared most extreme development in new projects in level I urban areas followed by Bangalore and Hyderabad.

All cities have shown growth from its past year but, Delhi (NCR) is the single city who has faced a 13% fall in sales compared to last year. Reportedly, Hyderabad has got 20% growth so as Kolkata whereas Bangalore has grown with 14% increase in sales.

STATISTICS:

Affordable Apartment (Under 25 lakhs): Affordable apartment whose price range is less than Rs 25 lakhs has gained 17% from all 8 major cities at their quarter period, out of which 44% sales were observed in MMR and Ahmadabad.

Mid Range Apartment (Between 25lakhs – 50lakhs): It seems to be the most demanding price range, as this price bracket has sold 25,347 units, which is 37% of total sales and maximum demand originating from NCR and Pune.

High-end Apartment (Between 50lakhs – 1crore): This price bracket is considered as second most demanded as it has contributed 30% of total sales.

Luxury Apartment (1 crore & Above): The sales of Luxury has just contributed 5% to the total tier 1 cities sales.