Unsold affordable housing stock declines 21% in two years as supply shrinks

Unsold affordable houses in the top seven cities declined from 2,34,600 units in the first quarter of 2020 to 1,86,150 by the end of Q1 2022. Unsold ultra-luxury homes declined 5 percent during the period on rising demand

Moneycontrol News

April 19, 2022 / 13:14 IST

The inventory of unsold affordable houses has been shrinking over the last two years as the new supply slows down.

The number of unsold affordable houses in the top seven cities of the country declined by 21 percent–from 2,34,600 units in the first quarter of 2020 to 1,86,150 by the end of Q1 2022, data shared by real estate consultancy Anarock shows.

"Affordable housing took the biggest hit from the pandemic, with the first perceivable change being its declining share of new supply,” Anarock Group chairman Anuj Puri said on April 19.

As many as 6,27,780 units lie unsold across the seven cities. Of these, 1,86,150 houses are in the affordable segment, priced at Rs 4o lakh and above, alone. The decline is on account of intentional restrictions on the new budget housing supply.

"Data reveals that out of approximately 70,480 units launched in the top 7 cities in Q1 2019, affordable housing had a 44 percent share. This segment's supply share has been declining y-o-y, reducing to 38 percent in Q1 2020 and further to 30 percent in Q1 2021. In Q1 2022, its share of new supply had declined to 25 percent,” Puri said.

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