Housing sales zoomed to a six-year high in the September quarter, but that bullishness was missing in affordable housing whose sales declined 10%. Reason: Buyers in this segment continued to be troubled by high interest rates.
Sale of units priced less than 50 lakh across the top 8 cities fell to 24,143 units in Q3CY23 from 26,831 units a year ago. The share of this segment in overall sales shrank to 29% from 36% during the same period, as per data by Knight Frank India. Overall housing sales grew 12% in the September quarter to 82,612 units.
"The consumers in the affordable housing segment are the most exposed to any mortgage-related pressure coming from increased home loan interest rate and increased down payment requirement," said Vivek Rathi national director research, Knight Frank India.
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