affordable housing
The aggressive policy initiatives of the Central government to incentivize the affordable housing segment, large number of developers across top eight cities have shown an interest in constructing affordable houses and launched new projects and this has resulted in 27% surge in new project launches across these cities, says a global real estate firm in its recent report. Interestingly, all other cities, except for Mumbai, saw a decline in new launches. The firm in its study covering top eight cities of India revealed that affordable housing sector has recorded a surge in new unit launches. However, overall residential unit launches recorded a decline of 33%, and was at approximately 60,000 units in the first three quarters of 2017 (January-September). As a matter of fact, the segment recorded strongest trends and more than 26,000 new units have been launched this year and of the total new launches 40% were in Mumbai followed by Kolkata and Pune. Affordable housing is an attractive proposition both for developers and homebuyers as the demand is huge and largely remained unmet. Moreover, the high focus of the central government has resulted in the availability of more funding options for the developers such as ECB, FDI and debt financing by national financial institutions at competitive rates have resulted in overall new launches, said MD, Cushman and Wakefield, Arshul Jain.