Property prices in India’s key housing markets are seen firming up in July 2024 even as the month saw the government launching new measures to improve housing affordability.
Announcing the Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, an initiative to provide financial assistance to one crore urban poor and middle-class families, helping them construct, purchase or rent homes at affordable rates.
At the same time, it also plans to urge states lower stamp duty rates to boost sales at a time when demand for housing remains robust due to the growth potential of the sector along with a positive buyer sentiment. This is reflected in sustained growth in sales as well as supply numbers.
Meanwhile, property prices continue to firm up in India’s prime residential markets amid an increase in construction cost, demand for high-end properties and sustained demand. This trend is likely to continue for the remainder of the year even though stamp duty reductions and a rate cut by the RBI might offer some relief on the affordability front.
Property prices in India’s key housing markets are seen firming up in July 2024 even as the month saw the government launching new measures to improve housing affordability.
Announcing the Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, an initiative to provide financial assistance to one crore urban poor and middle-class families, helping them construct, purchase or rent homes at affordable rates.
At the same time, it also plans to urge states lower stamp duty rates to boost sales at a time when demand for housing remains robust due to the growth potential of the sector along with a positive buyer sentiment. This is reflected in sustained growth in sales as well as supply numbers.
Meanwhile, property prices continue to firm up in India’s prime residential markets amid an increase in construction cost, demand for high-end properties and sustained demand. This trend is likely to continue for the remainder of the year even though stamp duty reductions and a rate cut by the RBI might offer some relief on the affordability front.
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