Updated April 14th, 2024 at 13:33 IST

Affordable homes record 22% decline in January-March: PropTiger

Within the total sales figure of 1,20,640 units during January-March, homes priced below Rs 25 lakh each accounted for 5%, compared to 15% last year.

Reported by: Business Desk
Representative | Image:Unsplash
Advertisement

Housing sales: The proportion of affordable homes, priced up to Rs 45 lakh each, within the total housing sales saw a major decline to 22 per cent during January-March across the top eight cities. This marks a notable decrease from the 48 per cent share observed in the same period of the previous calendar year, according to data from PropTiger.

Housing sales, as reported by housing brokerage firm PropTiger.com, experienced a 41 per cent growth to reach 1,20,640 units during January-March 2024 across the top eight cities, up from 85,840 units in the corresponding period of the previous year.

Advertisement

Within the total sales figure of 1,20,640 units during January-March, homes priced below Rs 25 lakh each accounted for 5 per cent, compared to 15 per cent in the same period last year. Meanwhile, the share of homes priced between Rs 25-45 lakh each was 17 per cent in January-March 2024, down from 23 per cent in the previous year.

PropTiger's quarterly report, 'Real Insight Residential January-March 2024', highlighted a notable shift towards high-end properties post the pandemic. The share of properties priced at Rs 1 crore and above rose significantly to 37 per cent in the first quarter of 2024, compared to 24 per cent in the same period of 2023.

Advertisement

The share of homes priced between Rs 45-75 lakh remained unchanged at 26 per cent, while those priced between Rs 75 lakh-1 crore each increased to 15 per cent in January-March 2024 from 12 per cent in the year-ago period.

The top eight cities analysed in the report include Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune. Delhi-NCR comprises Ghaziabad, Faridabad, Greater Noida, Noida, and Gurugram, while MMR includes Mumbai, Thane, and Navi Mumbai.

Advertisement

According to the data, housing sales in terms of value surged to Rs 1,10,880 crore in the January-March period of this calendar year, up from Rs 66,155 crore in the year-ago period. Additionally, in terms of area, housing sales witnessed a 63 per cent increase to 162 million square feet in the first quarter of this calendar year from 99 million square feet in the corresponding period of the previous year.

Vikas Wadhawan, Group CFO of REA India and Business Head of PropTiger.com, expressed optimism about the growth in housing sales, noting its positive implications for the overall economy. He underlined the significant impact of the real estate sector on over 200 ancillary industries, including cement and steel, underscoring the sector's crucial role in driving economic growth.

Advertisement

PropTiger.com, a part of REA India which also owns proptech platforms Housing.com and Makaan.com, provided the insights.

(With PTI inputs)

Advertisement

Published April 14th, 2024 at 13:33 IST