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Delhi NCR Records Highest Demand for Affordable Homes

Delhi NCR Records Highest Demand for Affordable Homes

The real estate sector has seen many ups and downs in the recent past. Post pandemic, the realty market in Delhi-NCR has gained momentum with enhanced demand and supply in affordable housing sector. As per the survey by Anarock, property consultant, the units with a price of less than Rs 45 lacs has attracted highest demand of home buyers in Delhi-NCR. Affordable houses constituted 40% of the demand in 2020, against about 31% before COVID-19, a boost of 9%. As far as the demand of entire affordable housing sector is concerned, nearly 38% demand came from Delhi-NCR and 21% was from Kolkata.

Talking about Delhi NCR realty market, Gurgaon constituted total demand of 32% which was followed by Greater Noida 24%. It has been recorded that 79,840 units were launched in Delhi-NCR in the period between 2018 and 2020. From these houses, nearly 50% lie in affordable housing segment. Last year, the total supply of houses was 18,540 from which affordable houses constituted 61%.

The vice chairman of Anarock Santhosh Kumar has said that supply was in sync with demand. It has been recorded that the millennium city recorded the highest supply of affordable homes out of 11,180 units launched last year, 6590 were from affordable segment. Gurgaon was followed by Faridabad with 3,050 affordable units, and Greater Noida and Bhiwani with 900 units each. Delhi, Ghaizabad and Noida added no housing units in affordable segment. Looking at the demand side,  Gurgaon ranked on top with 32% followed by Greater Noida (24%), Noida (18%), Delhi (12%), Ghaizabad (8%) and Faridabad (6%).

Talking about the latest amendment in the affordable Housing policy 2013, space for one car parking comes for free, which clearly means a buyer gets additional facility of car parking at no extra cost. Also, added by the director of GLS Group, Surinder Singh, “Moreover, the increase in project area limit by the state government through this amendment would also lead to many reputed real estate players to come forward and develop affordable houses that have always been in demand. Another boost to the sector is the increase in the commercial area in a project, which means more margins to develsopers struggling with low profits”.