Press release
Affordable Housing To Boost Realty During 2018-2022 In India - Constrack360
The set up of Affordable Housing Fund (AHF) in National Housing Bank will work to provide credit ease to homebuyers, thereby giving a boost to demand for low-cost homes in both rural and urban areas across the country.
Allocation of INR 14,340 billion (US$ 220 billion) in the fund will target the building of 3.1 million homes in urban areas and 5.1 million in rural areas in 2018-19, along with the development of livelihood and infrastructure in the rural area. It will help created better access between the urban and semi-urban areas. This further will strengthen the mode of transportation with modern railway infrastructure and road development, thus reviving the realty market supply and demand.
The drive will also work to align affordable supply and drive demand from genuine end-users, thereby catering to the rapid urbanization. It will challenge the institutional funds and developers to expand their business categories while building affordable homes. It will test the developers of their creative ways to design and build residential and commercial spaces.
The realty sector with Real Estate (Regulation & Development) Act 2016, and Goods and Services Tax (GST) which reduced from 12% to 8% recently, will help stabilize and standardise the property development environment as well.
Proposal of the 5% rate between transaction value and circle rates for computation of capital gains will ease the hardship in real estate transactions.
Even though affordable housing segment has seen a rise in launches in 2017, there is considerable decline of 35% in launch of residential new units. The total estimated new residential units were around 74,000 across eight cities with Mumbai constituting nearly 31%. Cushman & Wakefield data showed that there is a 6% year-on-year growth in affordable housing with Mumbai leading the trend.
Cash flow in affordable housing is higher compared to conventional real estate where most units are sold out even before they are constructed, meaning better risk adjusted returns for investors.
Affordable housing under smart city projects is also expected to boost real estate activities, uplifting commercial reality and increase the demand for office spaces. Select 99 smart cities have been allotted a budget of INR 2,040 billion (US$ 31.4 billion), as of date.
According to ConsTrack360, the affordable residential construction segment in value terms is expected to record a CAGR of 17.3% over the forecast period of 2018 to 2022.
It is likely that with low interest rates and PMAY benefits, affordable housing will help realty sales momentum in 2018.
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https://www.constrack360.com/reportstore/view/India-Construction-Industry-Databook-Series-4030
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