Delhi-NCR's Affordable Housing Market Sees a Surge in Demand
Demand for affordable housing in Delhi-NCR has increased substantially, with Gurugram contributing a significant 32% of the total demand. Between the years 2018 and 2020, over 79,830 economically priced apartments were launched in Delhi-NCR, with about half falling within the affordable price range.
The real estate sector experienced challenges in recent years. However, with the combination of improving demand and supply dynamics, the sector is now regaining momentum, specifically in the Delhi-NCR region. The demand for affordable housing reached its peak during the pandemic. Apartments priced below Rs 45 lakhs are particularly sought after by homebuyers.
Anarock Survey Highlights Growing Demand
A survey conducted by property consultant Anarock indicated that affordable housing constituted 30% of the total housing demand in 2019. This demand further increased to approximately 40% in 2020, representing a substantial rise of nearly 10%. Delhi-NCR alone accounted for around 38% of the national demand for economical housing, followed by Kolkata at 21%.
Gurugram and Greater Noida Lead the Way
Within Delhi-NCR, Gurugram stands out with a noteworthy 32% share of the overall demand for affordable housing. Greater Noida follows closely behind with a 24% demand share. The survey data further illustrates that between the years 2018 and 2020, more than 79,830 economically priced apartments have been launched in the Delhi-NCR region. Approximately 50% of these new launches fall within the affordable pricing segment. In the past year, 18,530 units have entered the market, a notable 61% of which qualify as affordable housing.
Affordable Housing Policy Amendment Benefits Buyers
The Affordable Housing Policy Amendment of 2013 provides one free parking space per housing unit. This amendment ensures that buyers have access to this essential amenity without incurring any extra cost. This policy change makes affordable housing even more appealing to prospective homeowners.
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