The realty sector of the top eight cities of India have recorded a 320 per cent escalation in the launch of affordable homes in the quarter ending June reported Cushman & Wakefield. This report signifies how the builders are changing their strategies to fight the prevalent slump in the real estate sector. 7,000 affordable housing units were launched as compared to 1,670 in the previous year, 60 per cent (4,251) of which were inaugurated in the National Capital Region including Delhi, Gurgaon, Faridabad, Noida and Ghaziabad.
In Delhi-NCR, all types of housing brackets witnessed a 144 per cent increase comprising of 6,900 units. But at the same time, the region also experienced a 28 per cent drop in year-on-year launches to 9,700 units. Gurgaon also recorded a significant rise in the number of new launches. However, Shveta Jain, Executive Director-Residential Services, Cushman & Wakefield is of the view that “strong emphasis on affordable housing by the government and the growing demand has motivated a spurt in affordable housing projects across the country.” These figures show how the increasing demand for affordable housing is escalating among home buyers making Noida Extension, Noida, Yamuna Expressway and Sohna the new affordable hubs of the National Capital Region offering home buyers houses within the range of Rs. 30-50 lakh.
Through this significant rise in affordable housing units it can be ascertained that demands of the home buyers are finally being supplied to. And considering the stagnant state of affairs in the Indian real estate sector, the builders need to get the required permissions and approvals in place and work on meeting the deadlines. These measures along with others can go a long way in changing the present scenario of the Indian realty.