Over 1 Lakh Affordable Units to Be Ready For Possession by Dec 2020

Developers are steadily pacing with the government backing affordable housing projects to fulfil its ambitious ‘Housing for all by 2022’ dream. After finance minister Nirmala Sitharaman increased the tax deduction limit on housing loans for the purchase of the first home worth up to Rs 45 lakh, good news awaits buyers. According to Proptiger.com data, there are 1, 21,877 units in top metro cities, priced below Rs 45 lakhs, to be delivered in the next 15 months.

Maharashtra leads the chart with maximum affordable units

According to Proptiger.com data, Mumbai and Pune have the maximum units under Rs 45 lakhs followed by Noida and Ahmedabad. Currently, around 41,119 affordable units are unsold in Mumbai while Pune has 34,572 apartments available for sale, to be delivered by December 2020. Noida has 11,813 affordable units scheduled for delivery by next year whereas, Ahmedabad has about 9,252 flats expected to be completed in the next few months. Out of the top nine cities, Hyderabad has the least options in this budget. Bengaluru, Chennai and Gurgaon combined, have 14,000 units available for sale and ready possession, by December 2020.

BHK-wise availability

While Mumbai and Pune have mostly 1BHKs in the sub-Rs 45 lakh budget, all other cities are offering bigger 2BHKs within this price range, providing a lucrative opportunity for homebuyers at a modest price. According to the Proptiger.com data, around 57,650 1BHKs are for sale while 55,386 2BHKs available are nearing possession. Interestingly, Ahmedabad, Kolkata and Noida together have more than 6,000 3BHK units in this budget, ready for possession by next year-end. Mumbai, Pune, Hyderabad, Gurgaon, Bengaluru and Chennai have hardly 1500 units in the 3BHK configuration. Also, Noida and Ahmedabad are the only top property markets where even 4BHK units are available in this budget range.