The real estate sector in the Mumbai Metropolitan Region (MMR) is experiencing a turnaround as the new strategy for Affordable Housing is hitting off well.
The MMR sold the highest number of low-cost flats in the July-September quarter, across the country. Out of the total units launched in India in the given quarter, it registered 9838, that is 35 per cent, boosting the overall sales from 13,563 units last year to 16,194 units between July and September, which accounts for a 19 per cent rise.
Even after undergoing a tough weathering of some major economic changes this year like the GST and housing regulator, the sales for the affordable housing segments have not suffered. In fact, it has been asserted by Pankaj Kapoor, the CEO of the real estate research group that the sales have performed even better than the last year. A release from Liases Foras revealed information about the dynamic changes that the real estate sector had to go through.
The state and central governments have been encouraging builders to launch affordable houses, going along their goal, 'Housing For All by 2020’ and have rolled out various incentives for builders and buyers in the segment, while the banks have been easy on affordable housing loans.
Ruparel Realty has managed to sell 1350 flats in the last nine months, launching their projects mainly in the affordable segment.
Amit Ruparel, managing director of Ruparel Realty has changed the design based on human sentiment and has sold more than 80 per cent of the inventory in our recently launched project, Optima Ruparel Realty has seen an upward trend in the sale of 1 BHK apartments under the affordable segment.
Luxury apartments have been the focus of builders for years, which has resulted in 2.67 lakhs left unsold, leading to a huge inventory of houses. At present, builders are paying attention to middle-income families and changing their policies according to this group.
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