The government's push for affordable housing is bearing fruits as housing demand in smaller towns and cities is witnessing a steady growth. According to data compiled by real estate advisory firm Liases Foras, the share of over 20 tier-II cities, including that of Jaipur, Vadodara, Nashik and Nagpur, in the total housing sales has increased to 25% till the end of last financial year 2018-2019 as compared to 16% five years ago. In the recently concluded September quarter, cities like Jaipur, Nashik and Ahmedabad saw a jump of 22%, 25% and 4% respectively. This comes at a time when overall housing sales across major cities like Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad and Pune are witnessing a decline in numbers, thanks to the huge supply overhang.
Initiatives such as Pradhan Mantri Awas Yojana (PMAY) and the offer of a more conducive land in the smaller towns and cities, have helped push the demand for affordable housing segment. Lower land prices, along with government's subsidies, have further helped developers execute low housing projects in smaller towns as they are able to bring down the capital cost by as much as 25-30%. Developers are of the opinion that while these are certainly 'green shoots' , it is a long term story and that it'll take few more years to create demand like the metro cities.
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