According to a study by real estate developers’ body CREDAI-MCHI, the supply of affordable homes increased by 27 per cent to 26,081 units across eight cities, during January-September this year, as against 20,485 a year ago.
Among these new launches, almost 40 per cent of affordable housing projects were launched in Mumbai, followed by Kolkata and Pune. Mumbai witnessed the highest number of launches at over 19,400 new residential units till September 2017, out of which the affordable housing sector had a share of close to 10,000 units, registering a rise of 300 per cent over the same time last year.
See also: Affordable housing sees 27% growth in January-September 2017: Cushman & Wakefield
“The market is looking up, with developers receiving a good number of enquiries. There’s festive mood in the market. Thus, demand has picked up, starting Diwali season,” CREDAI-MCHI president, Mayur Shah said in a statement. He added that if things go the way sales are picking up, sales may even peak in another six months.
The implementation of RERA and GST boosted the confidence of home buyers, who were in a dilemma to buy a house. “The enhanced confidence resulted in many enquiries for the right kind of properties in Mumbai, which witnessed good traction during the current festive season,” Shah added. The association is also holding a three-day property expo, from November 16-19, 2017 in Mumbai.
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