50% affordable homes are unsold in 9 cities: PropTiger report

Chennai: Proptiger.com reported that 50 per cent of unsold housing stocks in the nine major residential markets in India are in the affordable segment.

According to a data available with PropTiger.com, markets covered in the analysis had a total unsold stock consisting of 7.75 lakh units at the end of the calendar year 2019. Of this, close to 3.90 lakh units were affordable homes.

Various measures announced by the government to boost sales of affordable property in the recent past have not yet had the desired impact but things are slowly beginning to stabilise for the category, it found.

In its report ‘Real Insight Q3FY20’, Proptiger.com, that is owned by Elara Technologies, which also owns housing.com and makaan.com, reported that there has been a 14 per cent annual decline in unsold stock in this category. At the end of 2018, developers were sitting on an unsold stock consisting of 452,850 affordable homes.

‘In the Union Budget 2020, finance minister announced measures that would revive overall consumer sentiment that would encourage buyers to buy affordable homes,’ said Group CEO, Housing.com, Makaan.com & PropTiger.com, Dhruv Agarwala.

NT Bureau