With a boost in housing unit sales, the residential market in NCR cities seems to be recovering following the second Covid wave. Compared to the first half (H1) of 2020, the housing sales in H1 (2021) is up by 20%.
As per the latest consumer survey report by real estate consultant, Anarock, the housing sales figure in H1-2021 stood at 12,300. The report also stated that budget properties, which are priced between Rs 45-90 lakh, are most preferred now as compared to affordable housing (<Rs 45 lakh), which was more in demand last year.
According to the report, the affordable properties have 27 percent share in sales after the second wave. Also, the share of budget properties (Rs 45L to 90L) remained at 35%.
Prashant Thakur, head of research at Anarock, said in the top seven cities, maximum affordable housing demand came in from Pune, followed by Delhi-NCR and Kolkata. Further, around 25% of property seekers preferred to buy homes in the Rs 90 lakh-Rs 1.5 crore range. He said demand for luxury properties (> Rs 1.5 crore) also increased — from 11% in the last survey during the first Covid to 13% in the latest survey after the second wave.
Surinder Singh, Director of GLS Group said with four affordable housing projects in Gurgaon and Sohna, the segment witnessed a double digit growth during past few years. The demand for affordable housing is going through its emanating phase, and is expected to see a turnaround in the next 10 years, he said.
“The completion of major infrastructure projects such as Sohna Elevated Road, Dwarka Expressway and existing easy accessibility via Delhi Metro and Rapid Metro will trigger the affordable housing demand in the forthcoming quarters” he said.