The contribution of affordable housing, priced up to Rs 45 lakh, in total housing sales during 2021 declined to 43 per cent from 48 per cent in previous year, while share of units above Rs 75 lakh increased to 31 per cent from 25 per cent, according to real estate consultant PropTiger.
In a report titled “Real Insight Residential - Annual Round-up 2021”, PropTiger said that housing sales in eight prime housing markets increased 13 per cent in 2021 to 2,05,936 units from 1,82,639 units in previous year. As per data, 43 per cent of total housing sales in India's eight leading housing markets was within price bracket of Rs 45 lakh.Share of units in price bracket of Rs 45 lakh-Rs 75 lakh increased to 27 per cent in 2021 from 26 per cent in previous year, while share of apartments in range of Rs 75 lakh to Rs 1 crore rose to 11 per cent from 9 per cent.The share of units costing above Rs 1 crore hiked to 20 per cent from 16 per cent.The eight major cities are--Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai and Thane) and Pune.PropTiger said that policy support from government is seen fuelling attraction for affordable homes in India in 2021.
Under Section 80EEA of Income Tax law, India offers its first-time homebuyers an additional tax deduction of Rs 1.50 lakh if unit is worth up to Rs 45 lakh. Such a borrower can also claim subsidy under PMAY.
"In addition to government subsidies, record low home loan interest rates too, have been a great driver of home sales in country in 2021 even as economy slowly recovered from shock of second wave of pandemic during year," said Dhruv Agarwala, Group CEO, Housing.Com, PropTiger.Com and Makaan.Com.