Read more about Real estate sector to cross $1 trillion by 2030: Housing Secretary on Business Standard. The government has taken various measures in the Budget of last seven years to spur growth in the real estate sector, he added.
Housing projects offered fewer studio apartments in 2020 due to the coronavirus pandemic, reversing growth in the segment, said a study on Thursday. Of the 884 projects launched in 2020 in seven major cities, 130 offered studio apartments (a 15 per cent share). As many 1,921 projects in 2019 offered 368 (19 per cent share) studio apartments, said Anarock Property Consultants. A studio apartment has a single large room that doubles up as a living room, bedroom and a kitchenette. “The studio apartments trend so far can be clearly plotted. Out of the total 2,102 projects launched in 2013 in the top 7 cities, just 75 projects (or 4 per cent) offered studio apartments. The share increased to 5 per cent in 2014, followed by a y-o-y increase in the overall share of projects offering this configuration.
The long-term growth outlook for affordable housing finance companies remains positive and the segment is likely to see a growth of 12-15 per cent in the next financial year, says a report. As of September 30, 2020, the total portfolio of the new affordable housing finance companies (AHFCs) in the affordable housing space stood at Rs 55,061 crore, registering a moderate year-on-year (Y-o-Y) growth of 9 per cent, Icra Ratings said in a report. According to the agency s Vice President and Head (financial sector ratings), Manushree Saggar, the growth numbers of AHFCs could be much lower at 8-10 per cent in the financial year 2021 due to the delay in home purchases by the borrowers owing to the impact of the pandemic on their earnings and savings.
Read more about Centre approves construction of over 168,000 houses under PMAY-Urban on Business Standard. This takes the total number of houses sanctioned so far to 11 million, according to a statement on Thursday.