Sale of affordable home reduce In the first quarter of this year, sales of affordable homes in the country decreased. According to a recent report by real estate consultancy Knight Frank India, sales of homes priced under Rs 50 lakh dropped by 9%.
The report mentioned that in the eight major cities of the country, the sales of these homes were limited to 21,010 units. Factors such as high home prices, interest rates, and reduced supply were cited as the reasons behind this decline. Additionally, sales in the residential segment priced between Rs 50 lakh and Rs 1 crore also saw a 6% decrease, with sales limited to 26,832 units. The report indicated that during the March quarter, buyers were more focused on premium category homes. The increase in sales of homes priced over Rs 1 crore was cited as evidence of this trend.
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According to a study conducted across eight major cities, including Hyderabad, Kolkata, and Chennai, sales of homes in the Rs 1 crore to Rs 2 crore range increased by 2%, reaching 22,330 units. The report also revealed significant growth in higher price categories, with sales of homes priced between Rs 2 crore and Rs 5 crore rising by 28%, totaling 13,735 units. In the Rs 5 crore to Rs 10 crore segment, sales surged by 82%, reaching 3,448 units.
Homes priced between Rs 10 crore and Rs 20 crore saw sales double, reaching 658 units, while the Rs 20 crore to Rs 50 crore category also witnessed a two-fold increase, with 92 units sold. The most notable increase was seen in homes priced above ₹50 crore, which saw sales rise significantly to 169 units. Even within the Rs 2 crore range, sales showed a 2% growth, further highlighting the robust demand for premium properties in the market.
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