New Delhi: Last year, the share of affordable houses priced up to Rs 45 lakh in total housing sales declined to 43 percent. A year before this, in 2020, it was 48 percent. However, the share of residential units above Rs 75 lakh rose from 25 percent to 31 percent, according to real estate consulting firm PropTiger.
In a report titled ‘Real Insight Residential – Annual Round-up 2021’, PropTiger said that home sales in eight key housing markets grew by 13 percent to 2,05,936 units in 2021 from 1,82,639 units in the previous year. was the unit.
According to the data, houses up to Rs 45 lakh accounted for 43 percent of the total sales across the eight major housing markets in India.
The report said that the share of houses in the Rs 45 lakh to Rs 75 lakh price bracket rose to 27 percent in 2021, from 26 percent in 2020 a year ago. At the same time, the share of apartments in the range of Rs 75 lakh to Rs 1 crore increased to 11 percent from the earlier 9 percent.
The share of houses costing more than Rs 1 crore increased from 16 percent to 20 percent
These eight major cities are – Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, National Capital Region – Delhi (Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), MMR (Mumbai, Navi Mumbai, and Thane), and Pune.
According to PropTiger, the government’s policy support has increased the attractiveness of affordable homes in the country in the year 2021.
Under Section 80EEA of the Income Tax Act, first-time home buyers on a house up to Rs 45 lakh get the benefit of an additional tax exemption of Rs 1.50 lakh. Such buyers can also claim subsidies on loans under the Pradhan Mantri Awas Yojana Program (PMAY).
Dhruv Aggarwal, Chief Executive Officer (CEO), Housing.com, PropTiger.com, and Makaan.com Group, said, “Apart from government subsidies, low-interest rates on home loans have also been a major factor driving home sales in the country in 2021. The economy has also gradually recovered from the shock of the second wave of the pandemic during the year.
“We expect to see more rapid developments in the residential market in 2022 as well, especially in the case of affordable homes to avail government subsidies,” he added.
