- Supply of affordable houses to market decrease
- EMI burden increases
- Anarock report reveals
The Covid-19 has affected the sale of affordable homes. The impact of the pandemic eases last year itself. However, the affordable housing sector is still facing the adverse impact of the pandemic situation. The Anarock in its latest report, put the share of the affordable units sale at 20% of the total sales that took place in the first six months of the current year, which is 11% more than the sale of affordable units during the corresponding period last year.
The supply of affordable units in the first six months of last year in seven main cities across the country was 23% as against 18% during the first six months of the current year. The number of housing units sold in the first six months of the current year was 2.29 lakh, including the sale of 46,650 affordable housing units. However the total housing sold during the corresponding period last year was 1.84 lakh units, which includes the sale of 57.060 affordable housing units.
The Anarock report indicated that the home buyers have been paying 20% more through the EMIs. The interest rate on housing loans in 2021 which was 6.7% subsequently increased to 9.15%. Anarock Group research head and regional director Prashant Thakur said that an EMI of Rs 22,700, paid in July 202, now increased to Rs 27,300, registering an increase of Rs 4600 a month. With the increase of 20% in the EMI pushed up the interest burden to Rs 11 lakh. Those who paid the interest of Rs 24.5 lakh towards the interest would have to pay Rs 35.5 lakh now.
