Real estate developers are sitting on 4.12 lakh unsold apartments priced up to Rs 45 lakh, despite improvement in demand for affordable homes, according to PropTiger.
However, Dhruv Agarwala, the real estate brokerage's chief executive officer, said unsold stocks in affordable housing segment will now get cleared at a fast pace with the government announcing an increase in the deduction limit on home loan interest to Rs 3.5 lakh from Rs 2 lakh earlier.
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Developers had total unsold inventory of 7,97,623 units as of the quarter ended June in nine cities—Gurugram, Noida, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. Out of this, PropTiger said 4,12,930 units were in affordable segment (Rs 45 lakh and below price category).
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“A low interest rate regime along with the measures announced in the Budget to push affordable housing would encourage homebuyers to invest actively in this category now,” Agarwala, who is also group chief executive of Housing.com, PropTiger.com, Makaan.com and Fastfox.com, said.
He doesn't anticipate much improvement in new supply with developers focusing on completing existing projects and clearing stocks in-hand.
“With these two factors at work, affordable housing inventory in India's key property markets is likely to decline significantly in the following quarters,” Agarwala said.
As per the data, Mumbai had the maximum unsold affordable housing units at 1,39,984 units, followed by Pune at 98,378 units.
Ahmedabad had 41,791 unsold units of Rs 45 lakh and below, while Noida 35,811 unsold units, Kolkata 30,923 units, Gurugram 22,307 units, Bengaluru 20,146 units, Chennai 18,709 units and Hyderabad 4,881 units.
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