New Delhi
Developers increased focus on this segment in Q1 to beat slump, shows C&W report
The real estate market in the country's top eight cities recorded a 320% year-on-year jump in affordable home launches in the quarter to June, according to a report by property advisory Cushman & Wakefield, indicating a shift in strategy by builders to beat the current slump. Developers launched 7,000 affordable units in the period against 1,670 in the year-ago quarter, the report said.
Of these, 60% or 4,251 units were launched in the National Capital Region, which comprises Delhi and nearby cities such as Faridabad, Gurgaon, Ghaziabad and Noida.
“Strong emphasis on affordable housing by the government and the growing demand in this segment has motivated a spurt in affordable housing projects across the country,“ said Shveta Jain, executive director-residential services at Cushman & Wakefield.New launches across all housing categories saw a 144% rise in Delhi-NCR at 6,900 units, the report said. However, in the first half of 2015, Delhi-NCR witnessed a 28% year-onyear drop in new launches to 9,700 units.
The submarket of Gurgaon witnessed a number of launches under the Haryana government's affordable housing policy.
The housing scheme of Delhi Development Authority also received a large number of applications. “Presumably, these instances highlighted the demand for housing in affordable segment, which private developers are targeting,“ said Jain. Peripheral submar kets such as Noida Extension, Yamuna Expressway in Noida and Sohna in Gurgaon are now established as affordable destinations in Delhi-NCR. The June quarter saw the launch of four projects in Sohna and Noida Extension in the range of .`30-50 lakh.
“With price differential of over 60% compared to the submarkets of Golf Course Extension Road and Sohna Road, the submarket of Sohna is considered an affordable destination for home seekers in Gurgaon,“ she said.
The real estate market in India has been witnessing a slump in demand for the last couple of years due to high home loan rates.
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