62% of new launches in H1 2017 in affordable housing segment: Report

Mumbai: As many as 62 percent of the new launches during January-June 2017 period were in the affordable housing segment, a recent survey revealed.

According to a report by Anarock Property Consultants, the affordable price segment dominated the residential units supply in H1 2017.

"The recent new launches trend shows that demand for affordable housing with ticket sizes in the range from Rs 5 lakh to Rs 40 lakh is continuously growing," the report said.

During the first half of the year, the top seven cities including Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR, Pune and Kolkata, recorded more than 60 per cent of total residential units supply in the affordable segment.

"The majority of projects in the affordable housing segment were launched in the peripheral boundaries of the top cities, largely due to non-availability of contiguous land parcels for large-scale mass housing developments and skyrocketing property prices in the central locations of our cities," it said.

The report said that in the H1 2017, the share of the affordable housing segment in new launch supply increased by 16 per cent over the July-December period of 2016.

On the other hand, the mid and luxury segments witnessed a decrease of four per cent and nine per cent, respectively, in the same duration, it said.