MMR saw rise in projects offering affordable homes

The Mumbai Metropolitan Region saw a surge in affordable housing in 2019, as of the 77,990 houses launched, 66% were within the price range of ₹80 lakh.

The Mumbai Metropolitan Region saw a surge in affordable housing in 2019, as of the 77,990 houses launched, 66% were within the price range of ₹80 lakh.

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In 2018, there were 60,000 launches while in 2017, the number was 54,000. In both the years, houses within ₹80 lakh range were at 60%, which increased to 66% in 2019.

According to a report by a real estate advisory firm, Trespect, builders launched affordable houses in the periphery of Mumbai, such as Dombivli, Badlapur, Panvel, Kalyan, Bhiwandi and Neral.

“Buyers were attracted to pricing which was suited to their budget,” said Sunil Mishra, chief executive officer of the advisory firm.

“Three factors such as good connectivity, sound social infrastructure as well as affordability have all emerged as key points in these peripheral areas,” he said.

Mishra said top builders such as Lodha, Runwal, Godrej Properties, Poddar Housing, Marathon, Tata Housing, Rustomjee and Mahindra Lifescapes have launched projects in these peripheral areas.

“The main reason for this boom is affordability. In addition, we provide all amenities within the complex,” said Sandeep Runwal, director, Runwal Group.

In the past few years, the real estate sector has been going through a massive slowdown. Builders, burdened with premiums and taxes, had hiked property prices to exorbitant levels, forcing homebuyers to postpone their purchase plans.