affordable housing Archives

October 3, 2024

NCR Housing Sales Decline Due to Low Inventory and Rising Prices, Mid-Segment Faces Continued Downward Trend

Housing sales in the National Capital Region (NCR) dropped by 7% during July-September 2024, as a shortage of homes priced below Rs 1 crore and increasing home prices impacted the market, according to data from Knight Frank India. The region recorded 12,976 housing units sold in Q3 2024, compared to 13,471 in Q2 and 15,907 in Q1, reflecting a significant 16% drop from the beginning of the year.

Supply Shortage in Affordable Housing

The decline in sales is largely attributed to a lack of inventory in the under Rs 1 crore price segment, especially in areas like Gurgaon and Greater Noida. Homebuyers are being pushed towards higher-priced properties due to limited availability in the more affordable segment, according to Vivek Rathi, head of research at Knight Frank India.

Shift Towards Premium and Luxury Segments

Most of the new housing supply in the NCR is focused on premium and luxury properties priced above Rs 1 crore. Homes previously priced at Rs 90 lakh are now listed for over Rs 1.1 crore, further affecting demand in the mid-segment. Experts suggest the market will only recover when prices decrease or a substantial increase in inventory under Rs 1 crore occurs.

National Decline in Mid and Affordable Housing

Across India, the affordable housing segment (under Rs 50 lakh) saw a 14% decline in sales for the July-September quarter, while the Rs 50 lakh to Rs 1 crore segment recorded a 13% drop. In contrast, the premium segment (above Rs 1 crore) experienced a 41% year-on-year growth, driving overall sales in the residential market.

Rising Home Prices and Mortgage Rates

NCR home prices increased by 4% year-on-year to Rs 4,835 per sq ft in the first half of 2024, similar to price trends in Mumbai. Rising home prices, coupled with mortgage rate hikes of 150-200 basis points, have particularly impacted first-time buyers, forcing them to delay purchasing decisions and await market corrections.

September 14, 2024

Kamala Harris Advocates for Lower Housing Costs While Trump Avoids Issue in 2024 Debate

By Tiger Shree with No comments

Key Points:

Kamala Harris focused on the rising housing costs during the debate, outlining her plans to address the issue.
Donald Trump avoided discussing housing, focusing more on personal attacks and identity politics.
Experts expressed disappointment over the lack of meaningful conversation on housing policies.

Debate Overview: Harris Pushes Housing, Trump Avoids Topic

In their first 2024 presidential debate, Vice President Kamala Harris and former President Donald Trump clashed on various topics. However, housing costs, a major concern for many American families, saw one-sided attention. Harris consistently raised the issue of affordable housing, while Trump largely sidestepped the topic.

Harris’ Housing Solutions

Kamala Harris wasted no time in bringing up the housing crisis, highlighting the lack of affordable homes and the challenges for first-time buyers. She proposed increasing home construction and providing federal assistance for down payments, up to $25,000 for first-time buyers. Harris emphasized that her policies would help 3 million new homes be built by the end of her first term. She also addressed rising property insurance costs due to climate change.

Trump’s Silence on Housing

Throughout the 90-minute debate, Trump failed to address Harris’ housing proposals. Despite having previously outlined ideas like halting illegal immigration and deregulating the home-building industry, Trump didn’t discuss any specific housing policies during the debate.

Expert Reactions

Ralph McLaughlin, a senior economist at Realtor.com, noted the missed opportunity for a meaningful conversation about housing policies. He praised Harris for bringing the issue to the forefront but criticized Trump for ignoring it, leaving voters with little understanding of his housing plans.

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