Middle -class problems? House sales decreased in the middle of the piece by 36 % in two years

Were you planning to buy a house in the middle of the piece (at a price of less than 1 rupee) but you could not pass with the purchase? Well, you are not alone. There are thousands of Indians who face this.

Since high interest rates on household loans, the high cost of building materials, and the growth of income, frustrated the optimism of families with Indian average income, the demand for medium income homes has decreased significantly over the past two years.

Data from Propequity shows that sales of such homes have decreased by 36 % in the 9 most important real estate markets in India over the past two years. In 2024, these housing units sales decreased to 198,926 units from the peak of 310,216 units in 2022. In fact, while home sales in the middle of income decreased in 2023 by 8.7 % on an annual basis to 283,323 units, In 2024, the decrease was Starker. In 2024, sales decreased by 30 % over the course of 2023 – the installation towards the trend that is now increasingly clear.

Among the higher markets, Hyderabad, Mumbai and Delhi have informed NCR about a sharp decrease between 2022 and 2024. Hyderabad, the market that has been growing with jumps and borders since the epidemic has recorded huge sales of 69 % in the past two years. In terms of units, sales on the market decreased from 42,747 units in 2022 to 13,238 units in 2024.

In Mumbai, the largest real estate market in the country with total sales numbers, a decrease of 60 %, followed by Delhi NCR (-45 %). In high growth markets such as Bonn and Bengaluru sales of such homes decreased by 32 % and 33 %, respectively.

On the other hand, home supplies have risen at a price of 1 rupee and above by 48 % in the last two years in the best 9 cities, with Delhi NCR take the initiative. In the capital area, a medium -income house sales increased by 192 %, followed by Bangaluru in India, where sales jumped by 187 %. While Chennai (127 %), Colkka (58 %) recorded, Navi Mumbai (70 %), Than (53 %), and Pune (52 %) impressive growth in home sales at a price above 1 cruise. However, Hyderabad and Mumbai witnessed a 11 % and 14 % decrease, respectively, in the past two years.

According to Samir Jasoga, founder and CEO of PROPEQUITY, the lack of supply in the price of a single rupee price is less than a rupee is a major factor in this decrease. “Today, 8 % of India’s population lives in level cities 1, and this number is expected to grow dramatically in the next five years with more people move to these cities for employment opportunities. He says:” The lack of offer in this category, if not The government attends it in a timely manner, which will lead to a housing crisis closer to Australia and Canada. “

To address the issue of high migration and the number of increasing nuclear families, it is estimated that 15 million new homes will be required in these cities in the next five years.

“To address this problem, the government should not only motivate developers through tax cuts and subsidies in order to make housing within reach and medium an applicable option but also provide benefits to home buyers in the form of home loan discounts, reduction fees, etc.,” Gasoga He adds.