Mumbai Metropolitan Region sees highest number of low-cost housing launches in India
In the July-September quarter, 35% (9,838) of the total units launched across the country were in the MMRmumbai Updated: Dec 01, 2017 12:31 IST
Affordable housing seems to be the new mantra for a turnaround in the real estate sector in the Mumbai Metropolitan Region (MMR).
The MMR clocked the highest number of low-cost flat launches across the country in the July-September quarter. It registered 35% (9,838) of the total units launched in India in the said quarter. Another good news for builders is that the sales have also increased. They had sold 16,194 units between July and September compared to 13,563 during the same period last year — a 19% rise.
According to Liases Foras, which released the data on affordable houses, the rise showed that the real estate sector had weathered major economic changes. “We have seen how the housing regulator and the GST flexed their muscles. Despite these, the affordable housing segment performed better than last year,” said Pankaj Kapoor, CEO, Liases Foras, the real estate research group.
Keeping with their goal of ‘Housing For all by 2020’, the state and central governments have been encouraging builders to launch affordable house. It has rolled out various incentives for builders and buyers in the segment. In addition, banks have offered sops on affordable housing loan. Ruparel Realty, which has launched its projects mainly in the affordable segment, has managed to sell 1,350 flats in the last nine months. A majority of the sales have come from low-cost houses.
“The tide has turned in our favour as we have changed design based on human sentiment. We have seen an upward trend in sale of 1BHK apartments in the affordable segment. We have sold more than 80% of the inventory in our recently launched project, Optima,” said, Amit Ruparel, managing director of Ruparel Realty.
For years, builders had focused on luxury apartments with astronomical rates. This has led to a huge inventory of houses, with the MMR clocking 2.67 lakhs of unsold flats.
Now, builders seem to be on a course correction by targeting the middle-income families.