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Housing Prices In India: It is the dream of everyone living in metropolitan cities to have their own unique home. The dream home should be such a place which is far away from the office and the children should be able to travel to and from school-college from home. All the facilities from shopping mall should be available near the house. But do you know that the dream of buying a house in the metropolitan cities of the country is going away from the common people. Buying a house or flat in Mahamagar has become a dream. The housing projects that real estate companies are now launching in metros are going out of the budget of common people. The focus of housing companies is no longer on launching affordable housing but on launching luxury housing projects.
Decreasing number of affordable housing projects
Explain to you through figures. According to a report by real estate consultant Anarock, the share of affordable housing has declined by 20 per cent in the first quarter of 2023 in seven top cities of the country in terms of real estate market. During this period, 1.14 lakh new housing units have been sold, of which the number of affordable housing is only 23,110. Whereas in 2019 its share was close to 40 per cent. Last year, 53,710 housing units were sold in Delhi NCR, of which 15 per cent were luxury units priced above Rs 1.5 crore. Whereas in 2019, the share of luxury homes was only 3 per cent of the total 46,910 units sold. In new housing projects launched in 2019, 12 per cent of the houses were priced above Rs 1.5 crore. While 27 percent of the total 25,660 units launched in 2022 were worth more than Rs 1.5 crore. Despite costlier home loans, demand for ultra-luxury homes priced above Rs 3.5 crore is expected to remain high. Since 2020, the launching of projects in the luxury housing segment has increased 9 times.
Focus on luxury housing projects in Mumbai
There has been a tremendous increase in the demand for luxury housing projects in Mumbai. In 2022, there has been an increase of 76 per cent in the launching of housing units priced above Rs 3 crore. While the launching of units of 3 to 5 crores has increased by 147 percent. There has been a jump of 142 per cent in the launch of wall housing units priced from Rs 10 to Rs 20 crore or more, while there has been a jump of 19 per cent in the launch of units priced between Rs 5 to Rs 10 crore.
Builders refrain from affordable housing!
Real estate companies have shied away from affordable housing projects these days. The focus of housing companies is no longer on launching affordable housing but on launching luxury housing projects. And even those housing projects worth Rs 50 to 60 lakhs that have been launched are so far away from the city that it is not possible to live there with the family. If there is a crisis of transportation in those areas, then there is a lack of better schools, colleges and hospitals. In such a situation, the question arises that how will the dream of a house be fulfilled for those who cannot afford a luxury house in metro cities?
Government will have to take these steps
There are many reasons for real estate companies to launch luxury housing projects. In which the main thing is that the government itself is selling land in cities at expensive prices. Due to which it is not possible for the builders to make affordable houses. In such a situation, to promote affordable housing, it is necessary that the state governments stop selling land at high prices. Or sell some land only for affordable housing projects. Experts believe that the government also needs to review the category of affordable housing. At present, the limit of affordable housing is Rs 45 lakhs, which should be increased because at this price, we could not get a house within the city. Along with this, the government should increase funding to increase affordable housing through public-private partnership, so that the dream of a large section of people living in metro cities can be fulfilled.
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