Mint Primer: Budget homes are in coma. Can they be revived?
New Delhi, May 22 -- A big casualty of the ongoing housing boom, ironically, has been affordable homes, whose supply and sales have been shrinking. By contrast, the luxury homes segment has expanded. Can the budget home dream be revived? Mint explains:
Sales of homes priced at Rs.40 lakh and below have been falling over the past five years in top cities. Even as the overall property sector witnessed a recovery, budget housing continued to bleed. While home sales climbed sharply from 2019 to 2023, the share of affordable housing dropped from 38% to 19% during the period. In January-March of 2024, the sales share stayed flattish, at 20%. Not just sales, budget housing supply or new launches too shrank from 40% to 18% in the same period. Th...
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