An analysis released by Liases Foras has revealed that the housing segment less than Rs.30 lakh witnessed a growth of 41 percent in the March-June quarter.
After a long drawn out slowdown, the affordable housing segment in the real estate sector of Mumbai city is screening the signs of strengthened recovery.
Huge renewal was witnessed in the marginal areas of the MMR – Mumbai Metropolitan Region such as Boisar, Titwala, Dombivli, Vasai-Virar, Ambarnath, Palghar and Panvel.
In the meantime, the Mumbai city persists to remain vague to this segment even the MHADA – Maharashtra Housing and Area Development Board released housing units valued less than Rs.45 lakh for sale for the lesser income group in Vikhroli, Kurla, Wadala and Antop Hill.
These housing units were publicized through lottery on August 8 and majority of them are excesses MHADA land.
Regarding this, Pankaj Kapoor, Director, Liases Foras, states, “If this trend continues we will soon see a ‘V’ shaped recovery in this segment, which has seen a steady decline in the last several quarters”.
“Though it’s too early to pinpoint the exact reasons for the growth as sops take time to manifest, there is no denying that affordable housing is gaining traction,” he added.
Similarly, Gulam Zia, Senior Executive Director, Knight Frank India adds, “With connectivity, people will not mind travelling from their homes in the outskirts of Mumbai to places of work in the island city and suburbs. Hence, the government must deliver on its infra promise by meeting timelines.”
Dr.Prashant Thakur, Head of Research, ANAROCK Group notes, “Land parcels in the island city and close suburbs remain out of their reach to cater to this segment as they are expensive”.
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