According to a report by real estate firm, major seven cities have reported 41% growth in the launch of new residential projects in the first quarter of the Financial Year 2018-19 that ended in June. As per the report, the affordable house segment showed a maximum boost with a huge supply of housing units costing below Rs 40 lakh. In fact, the Affordable Housing segment expanded 100% during the first quarter in comparison to the last quarter of the Financial Year 2017-18. This, 100% growth drove maximum business for the Indian real estate sector.
As per the report, major seven cities including the National Capital city Delhi and its adjoining areas of NCR, Mumbai Metropolitan Region, Chennai, Bengaluru, Pune, Kolkata and Hyderabad have recorded the launch of nearly 50,100 units in the first quarter of FY 2018-19. Also, these cities contributed to the addition of new housing units which total 75 percent of the fresh residential supply.
The realtors are coming up with residential projects that meet the requirements of the aspiring home buyers in a budget-friendly manner which is proving helpful in balancing the demand and supply of the housing units.
Apart from this increase, the sales of residential units rose 3% from the last financial year. The IT city, Bengaluru witnessed a hike of 32% in the sale of residential units in comparison to the second quarter of FY2017-18. It can be said that the Affordable Housing segment has majorly given the Indian real estate a reason to smile while keeping the latest sales figures of the first quarter for FY 2018-19 into consideration.
The Indian property sector has seen a significant change in the past some time especially after the forming of new reforms and policies by the Narendra Modi-led Central Government for both the realtors and the property buyers. In fact, the residential sector particularly the Affordable Housing segment has given a new dimension to the Indian real estate market as there is huge demand and supply to meet the target set under Housing for All by 2022.