Real estate consultant JLL India on Friday cited its latest data to say that the launch of affordable flats in the country in April-June fell 21 per cent year-on-year to 1,32,77 units. According to the report, new supply of affordable apartments, priced below Rs 50 lakh, declined by 21 per cent in seven major cities in the April-June period due to builders launching more premium flats, PTI reported. These seven cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune. MMR includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai. Delhi-NCR includes Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna.
How much change in new supply
According to the news, JLL India released data for the housing market of major seven cities, showing that the new supply of apartments increased by 5 percent to 1,59,455 units during April-June 2024, as against 151,207 units in the same period a year ago. The data includes only apartments. Rowhouses, villas and plotted developments are excluded from the analysis. In this, out of the total new supply in the June quarter, the launch of affordable flats stood at 13,277 units, down 21 percent from 16,728 units in the same period last year.
How much did the launch of which type of flat decrease
The launch of flats priced between Rs 50 lakh and Rs 1 crore fell by 14 percent from 55,701 units to 47,930 units. New supply of flats priced between Rs 1-3 crore grew 3 per cent to 69,312 units from 67,119 units. Launches of apartments priced between Rs 3-5 crore more than doubled to 19,202 units from 7,149 units. Similarly, new supply in the Rs 5 crore-plus category more than doubled to 9,734 units from 4,510 units. Commenting on the trend of increase in supply of premium homes and decline in supply of affordable homes, Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head of Residential Services, India, JLL, said this reflects developers’ proactive response to the rise in demand for high-value homes among the target customers.
Apartment sales rise 22 per cent
Regarding demand, the consultant said apartment sales across seven major cities grew 22 per cent to 154,921 units during April-June 2024 from 126,587 units in the year-ago period. Samantak Das, chief economist and head of research at JLL India, said it is notable that the sales momentum has successfully complemented new launches, with nearly 30 per cent of H1 2024 sales (154,921 units) being contributed by projects launched during the last six months.
