Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Industry News

| More

Affordable homes account for over 48% unsold units in MMR: PropTiger report

Posted On: 2019-09-26 18:23:27

Buyers looking for affordable property in an otherwise expensive market like the Mumbai Metropolitan Region (MMR) have a reason to cheer this festive season, as the data trends by Proptiger.com suggest that a large part of the ready-to-move-in unsold stock in this property market are units priced within Rs 45-lakh budget. A recent data released by Proptiger.com, owned by Elara Technologies Pte Ltd, that also owns Housing.com, Makaan.com and FastFox.com, showcases that developers had an unsold stock of over 2.93 lakh units till July 2019. Of these, over 1.41 lakh units (over 48 per cent of the stock) are priced within Rs 45 lakh.

In order to boost demand in the affordable housing segment, the government has taken several landmark decisions in the recent past. Apart from increasing the tax deduction limit to Rs 3.50 lakh on the interest component of home loans taken for purchase of units priced within Rs 45 lakh, the government has also unveiled its plans to relax external commercial borrowing norms to boost demand in this segment.

While lending rates are already at record low with the banking regulator Reserve Bank of India reducing the repo rate to a nine-year low of 5.40 per cent this year, the government plans to offer even lower rates to government employees to provide impetus to the overall economy by way of triggering growth in the second-biggest employment generating sector in the country.

Mani Rangarajan, Group Chief Operating Officer, Housing.com, PropTiger.com, Makaan.com, and FastFox.com said, "We expect home sales to see a remarkable improvement in the MMR this festive season. While the government has launched a slew of measures to make purchases of affordable homes quite lucrative, easy availability of ready-to-move-in homes in this category only makes it more convenient for buyers. We are certain that property seekers who had put their purchase plans on hold, due to monetary constraints, would make good use of the low interest regime now."

The government has also launched the Rs 20,000-crore stress fund recently for the real estate sector, which would particularly benefit stuck affordable housing projects that could soon be finished through last-mile liquidity support.

Majority of the unsold stock in the MMR is concentrated in Thane West, Dombivali, Neral, Mira Road, Panvel, Virar and Chembur. While the largest number of 2BHK and 3BHK homes are available in Thane West (13,766 and 4,306 units, respectively), Neral has the biggest concentration of 1BHK homes (8,599 homes), a widely popular choice among Mumbai property buyers.

Data also shows a total of 59,042 units were delivered in the first half of 2019, the highest number of housing delivery recorded in the first half of a year since 2014. Nearly 41 per cent of this stock (24,188 units) was housing units priced within Rs 45 lakh.

A total of 26,400 units were launched in the MMR in the first six months of this year while 54,213 homes were sold during the same period, as per the data. Majority of the units launched and sold during this period were affordable homes. While 44 per cent of newly launched units were priced below Rs 45 lakh, the same is true for half of the homes that were sold between January and June this year.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Mr. Ratan N Tata felicitated with the Chiratae Ventures Patrick J. McGovern Lifetime Achievement Award 2019

SIDBI acknowledges outstanding performers in the Micro and Small Enterprises sector with SIDBI India MSE Awards

Saraswat Co-operative Bank launches 'Saraswat Bank 100+ Smart Savings Account App'

Afghanistan Trade Event Drives Over $55 million in New Business

InstantPay granted Corporate Agency license by IRDA

ICAI and ICAEW renew qualification reciprocity agreement

Implementation of Uniform Banking Hours in all Public Sector Banks (PSBs) on PAN India

No more 'Single Use Plastic', says Usha International

Chennai Machine Tool Expo 2019 Brings Technologies to the Doorsteps of Tamil Nadu

PaisaWapas announces special cashback for Amazon and Flipkart festive sale

Mitsubishi Electric India pledges for a greener tomorrow in Nagpur

Cognizant Named an AI Consultancy Leader by Independent Research Firm

Tata AIA Life Insurance goes from protecting people's future to protecting the environment too

New Cognizant AI Insurance Claims Platform Enhances Processing, Accuracy and Customer Service Following Natural Disasters

Chennai Machine Tool Expo 2019 to Set the Ball Rolling for Manufacturing Excellence

Truecaller appoints Hitesh Raj Bhagat as Director of Corporate Communications India

Universal Sompo General Insurance Company Ltd launches USGI ALLy mobile application

Cinépolis lets you #XperienceTheFuture with its latest campaign

Logitech partners with LXG to strengthen the esports ecosystem in India

PAYBACK joins hands with Cricketer, Yuvraj Singh to launch its new campaign 'PAYBACK Chalao'

Indian tourism evolving as a catalyst of growth and employment generation

House of Hiranandani celebrates the Heroes of Hiranandani this Engineer's day

Flora Haixia Zhao joins Sterlite Power as an Independent Director

OPPO's 20x Zoom powerhouse, Reno2, to go on sale across India

World's Biggest Food Exhibition - SIAL Kicks off Today in Delhi

JSW Cement launches Durga Puja campaigns with a social focus

Globus Infocom Launches Indoor LED Display Wall at InfoComm India 2019 Expo

Cash Suvidha plans to raise $5-10mn equity funds

EaseMyTrip Brings 'Welcome Festive Sale' Campaign

Logitech Announces Launch of Logitech® Pebble Wireless Mouse M350

JRK Group launches Mobile Application for easy investment in shares and mutual funds

'Cordless Matlab Bosch' - Introducing Experiential Mobile Vans to Unveil the Power of Cordless

Duroflex introduces India's only certified orthopaedic mattress range

Signify illuminates Qutub Minar with warm white LED's

Now every qualifying SanDisk® product purchase could win you gold

Red Velvet takes to the skies on its first commercial service to New York City

DLF Shopping Malls win top awards at the 10th anniversary celebration of CMO Asia Awards 2019

Odisha delegation at Indian Business and Innovation Summit, Singapore.

GRUBOX, a unique unmanned retail startup, spreading its wings at national capital region

Phylion rolls out 10 million LEV Lithium-ion Battery Packs

RED FM's 'South Side Story' takes Delhiites on a magical Southern ride!

Signify celebrates Ganesh Chaturthi by illuminating Ganpati Pandal with 4,000 LED bulbs in Mumbai

RAK Ceramics inaugurates its New Orientation Centre in Gurugram

Cinépolis hosted a special tribute for teachers

TAFE's free of cost tractor rental platform - 'JFarm Services' launched in Gujarat

HubSpot launches redesigned App Marketplace for growing businesses

BT to deliver cyber security services for ICARE

Visit of Invest Odisha delegation to Guangzhou, China

AdviosryMandi.com raises 36 Million Dollars from EST Group

Bharti Foundation partners with OpenLinks Foundation to launch tickLinks 2.0 mobile App for teachers







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019