Affordable segment's share in total housing sales falls to 43% in 2021: report
The Hindu
The contribution of affordable housing, priced up to ₹45 lakh, in total housing sales during 2021 declined to 43% from 48% in the previous year, while the share of units above ₹75 lakh increased to 31% from 25%, according to real estate consultant PropTiger.
In a report titled 'Real Insight Residential - Annual Round-up 2021, PropTiger said that housing sales in eight prime housing markets increased 13% in 2021 to 2,05,936 units from 1,82,639 units in the previous year.
As per the data, 43% of the total housing sales in India’s eight leading housing markets was within the price bracket of ₹45 lakh.
Share of units in the price bracket of ₹45 lakh-₹75 lakh increased to 27% in 2021 from 26% in the previous year, while the share of apartments in the range of ₹75 lakh to ₹1 crore rose to 11% from 9%.
The share of units costing above ₹1 crore increased to 20% from 16%. The eight major cities are — Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai and Thane) and Pune.
PropTiger said that policy support from the government is seen fuelling the attraction for affordable homes in India in 2021.
Under Section 80EEA of the Income Tax law, India offers its first-time homebuyers an additional tax deduction of ₹1.50 lakh if the unit is worth up to ₹45 lakh. Such a borrower can also claim subsidy under the government Pradhan Mantri Awas Yojana Programme (PMAY).
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