Affordable homes up to Rs 50 lakh not selling?
Due to the increase in sales and demand of luxury and expensive homes, a record 87,108 houses were sold during the third quarter of 2024 from July to september, which is 5 percent more. This is the highest sales figure in any quarter of the current year. A total of 2,60,349 housing units have been sold in the first nine months of 2024, which is 9 percent more than the first nine months of 2023. While the prices of houses have increased the most in Bengaluru. There has been a 10 percent jump in house prices in Bengaluru. Prices have increased by 6 percent in hyderabad and Mumbai.
Sales of houses above Rs 1 crore are high
Knight Frank india has released a report on the office and residential market for the July to september quarter. According to this report, the demand for houses priced above Rs 1 crore is being seen the most. Houses priced at Rs 1 crore or more account for 46 per cent of the total residential unit sales. A total of 40,328 units of this category were sold in the third quarter, which is 41 per cent more year-on-year.
Sales of houses priced between Rs 50 lakh and Rs 1 crore account for 30 per cent of total sales and 26,011 units were sold during this period. While the share of sales of houses priced below Rs 50 lakh is 24 per cent and in the third quarter of 2024, 20,769 housing units priced below Rs 50 lakh were sold. Knight Frank india said that during the July-September quarter, 90,479 housing units were launched, which is 6 per cent more year-on-year.
Sales of affordable homes are declining
According to the report, sales of homes priced at Rs 50 lakh or less have declined by 14 per cent to 20,769 units from 23,026 units in the third quarter of 2023. The main reason for this is the rise in house prices, expensive interest rates on home loans, lack of demand, besides the adverse effect of the corona epidemic continues on this segment, due to which sales have decreased. mumbai and kolkata are the only residential markets in which sales have seen a jump in this segment. According to Knight Frank india, the increase in house prices is keeping homebuyers of this price segment away from the market, while the sales volume is also low due to lack of supply in this segment.