The demand for the affordable housing remained to be the show stealer since the growth of overall sales in tier I cities.
Tier 1 cities include Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad, which have witnessed 13% growth in residential sales during the financial year of 2017-2018 (April-march) out of all, Mumbai Metropolitan Region has witnessed the maximum growth of 25%.
Affordable housing has been pushing through various schemes by the government along with it lower rates on home loan and helping impetus by the government. The other factors which are introduced by the government to help the housing sector through affordable housing fund, lower Goods & Services Tax (GST) rates, increased the tenure of loans under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY) and extended income tax.
Delhi-National Capital Region experienced the highest increase in sales of the year with 19%. The residential sales across these tier I cities has increased by 14% during the fourth quarter ended March.
The sales have been increased in different segments such as, price tag of less than Rs 25 lakh increased 24% from a year ago, Rs 25 lakh to Rs 50 lakh increased by 4% on an annual basis, Rs 50 lakh to Rs 1 crore increased by 17%, luxury segment with Rs 1 crore to Rs 2 crore rose 13%, and ultra-luxury segment above Rs 2 crore rose 13%.
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