weather_iconAshburn | 2.63 °C | AQI 14
Friday, 7 February, 2025

---Advertisement---

Business

Affordable Housing Segment Faces 43% YoY Decline In Sales Amid Rising Borrowing Costs: Report

Properties priced above Rs 10 million accounted for 80% of the total residential units sold in the National Capital Region (NCR) in 2024.

The affordable housing segment (<Rs 5 million) continued to face challenges as sales in this category fell by 43% YoY to 4,223 units in 2024, hindered by rising borrowing costs and higher equated monthly installment (EMI) burdens, according to Knight Frank report.

Similarly, the Rs 5-10 million segment saw a 45% YoY decline, with sales dropping to 7,510 units. These figures highlight a growing shift in the market towards premium and luxury housing. Moreover, residential prices in NCR have also shown steady appreciation. The average price rose by 6% YoY to RS 5,066/sq ft/month.

---Advertisement---

Notable areas such as NH-24 Bypass in Ghaziabad, Sector 81 in Gurugram, and Sector 78 in Noida experienced a 6% YoY increase, while other micro-markets like Dwarka in Delhi and Raj Nagar Extension in Ghaziabad saw price growth of 6% and 5%, respectively.

Furthermore, properties priced above Rs 10 million accounted for 80% of the total residential units sold in the National Capital Region (NCR) in 2024.

---Advertisement---

This underscores a shift toward premium housing, with affluent buyers driving demand for spacious homes equipped with modern amenities in prime locations.

Segment Wise Housing

Among the high-value segments, the Rs 10-20 million category recorded the highest sales volume, with 19,111 units sold, contributing over 33% of NCR’s residential sales. This was followed closely by the Rs 20-50 million category, where NCR led the sales across eight major markets in India, registering 18,997 units–an 84% year-on-year (YoY) growth.

Mudassir Zaidi, Executive Director – North, Knight Frank India, highlighted this trend, stating, “Homebuyers’ preference for residential products priced upwards of RS 10 mn continued to remain strong as spacious homes with high-end amenities are redefining post-pandemic living by high-net-worth individuals. Gurugram and key locations of Noida and Greater Noida continue to draw a substantial interest among homebuyers in the higher ticket size segment.”

The premiumization of NCR’s residential market extended to other high-ticket categories as well. Moreover, Sales in the Rs 50-100 million bracket grew 35% YoY, from 5,469 units in 2023 to 7,361 units in 2024.
Similarly, the RS 100-200 million segment witnessed a 44% YoY rise, with sales increasing from 275 units in 2023 to 397 units in 2024.

Even the ultra-luxury category, with properties priced above Rs 500 million, saw a sharp rise in sales, growing from 6 units in 2023 to 49 units in 2024. NCR accounted for 33% of the national sales in this segment.

(ANI Copy)

ALSO READ: Sensex Sinks: Markets Plunge; What’s Behind the Market Meltdown?- Details Inside

HISTORY
SOURCES

ANI

Written By

Akshat Mittal


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story

Live News

---Advertisement---


live

Latest LIVE News Trending Today, Real Time Updates: Pune Municipal Corporation Seals 30 Private Water Supply Plants After E.coli Found in Samples Amid GBS Outbreak

Feb 06, 2025
PM Modi
  • 21:02 (IST) 6 Feb 2025

    "Take Precautions Against GBS, We Have Been Taking Samples From Different Private Water Borewells And RO plants"

N24 Shorts Logo

SHORTS

Shreyas Iyer in India vs England 1st ODI
Cricket

IND Vs ENG: Shreyas Iyer Reveals Shocking Truth About His Selection In 1st ODI

Shreyas Iyer proved his worth again by coming out with a counter-attacking knock of 59 runs off just 36 balls to help India recover from a disastrous start in the powerplay.

View All Shorts

---Advertisement---

Trending