The affordable housing real estate market is making an impressive rebound, despite the general slowdown triggered by the pandemic. The latest projections by real estate consultants Anarock and prominent builders of Delhi-NCR suggest that around 50,000 affordable homes, including 16,000 in Gurgaon, would be up for grabs by this year-end.
As on date, some 1.80 lakh affordable homes (less than Rs 40 lakh) are at various stages of construction in NCR. In Haryana, some 110 affordable housing licences have been issued by the department of town and country planning (DTCP) since 2014, with the major share in Gurgaon and Sohna. Though around 80,000 units have been sold, only 22,000 have been delivered to date.
Industry experts say with markets opening up and business returning to normal, the residential real estate market seems to be coming back on track.
Surinder Singh, Director of the GLS Group, said that so far only 22,000 affordable housing units have been delivered though around 80,000 units were sold in the past seven years. “We estimate around 50,000 units are going to be delivered by the end of 2021,” he said.
Anuj Puri, chairman of Anarock, said that in NCR, a total of 1.16 residential real estate units are scheduled for completion in 2021. “Of these, at least 43% are in the affordable segment, 39% in the mid-segment, 13% in the premium segment and 5% in the luxury segment,” he said.