Affordable Housing Gave Boost to Real Estate Industry After Lockdown: Survey

Affordable Housing Gave Boost to Real Estate Industry After Lockdown: Survey

While luxury and premium housing categories are again finding traction among customers across the country, it is the demand for affordable housing gurgaon, post the lockdown, which has given a boost to real state markets, showed a report released by a private real estate consultancy.

In Delhi-NCR alone, the demand for affordable housing was 38 percent in 2020 while it was 31 percent in 2019. The report also said that the demand for larger homes due to work from home is rising across all categories. As per the report released on Wednesday, the demand for bigger homes across all BHK configurations has risen amid the demand for work from home. Many prospective home-buyers need more space at homes in order to set up their workstation, it said.

City-based housing developers and experts also said that demand for affordable housing has remained steady and helped the real estate market to survive the tough period during the pandemic. Pradeep Agarwal, man-aging director, Signature Global Group, said that strong demand in affordable segment is due to the fact that end users are buying these units and there is a lot of latent demand that is being met. ‘The price point at which afford-able units is being sold is very reasonable and the common man can afford it. I believe the demand in next two years in this category would beat the past five years’ figures,” said Agarwal.

The report further said that affordable housing units costing less than RS. 45 lakh had the high-est demand post-lockdown. “Affordable and mid-segment housing continued to drive homebuyers’ demand in 2020, but luxury sales also saw some momentum in NCR despite the pandemic,” says Anuj Puri, chairman, Anarock Property Consultants.

Sanjay Sharma, a city-based consultant, said that affordable category is popular as the price is within reach and constructing a house in unauthorised colonies was fraught with risks. “With car parking now being allowed, this category will see a further growth,” he said.

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