MUMBAI: Owing to various initiatives taken up by the government to boost affordable housing sector, the supply of affordable homes increased by 27 per cent to 26,081 units across eight cities during January-September this year as against 20,485 a year-ago, a recent study said.
According to a study by real estate developers’ body Credai-MCHI, among these new launches, almost 40 per cent of affordable housing projects were launched in Mumbai, followed by Kolkata and Pune.
Mumbai witnessed the highest number of launches at over 19,400 new residential units till September 2017, out of which affordable housing sector had a share of close to 10,000 units, registering a rise of 300 per cent over the same time last year.
“The market is looking up with the positive festive season when developers are receiving a good number of enquiries. There’s festive mood in the market, thus demand is picking up starting Diwali season,” Credai-MCHI President Mayur Shah said in a statement issued here.
He added that if things go the way sales are picking up, sales may even reach its peak in another six months.
The implementation of RERA and GST boosted the confidence of home-buyers, who were swinging in a dilemma to buy a house.
“The enhanced confidence resulted in many enquiries for the right kind of properties in Mumbai, which witnessed good traction during the current festive season,” Shah added.
The association is also holding a three-days property expo from November 16 -19, 2017 in the megapolis.