The share of affordable homes — priced up to Rs 45 lakh each — in total housing sales more than halved to 22 per cent during January-March across top eight cities amid strong demand for luxury flats, according to PropTiger.

Share of affordable homes in total housing sales stood at 48 per cent in the January-March period of 2023 calendar year.

Housing brokerage firm PropTiger.com data showed that housing sales grew by 41 per cent to 1,20,640 units during January-March 2024 across top eight cities from 85,840 units in the corresponding period of the previous year. In the total sales of 1,20,640 units during January-March, the share of homes, priced less than Rs 25 lakh each, was 5 per cent.

In the same period last year, the share of this low-cost housing category in total sales was 15 per cent.

The share of homes, priced Rs 25-45 lakh each, was 17 per cent during January-March 2024 against 23 per cent share in the corresponding period of the previous year.

“There has been a remarkable shift post the pandemic towards high-end properties,” PropTiger said in its quarterly report ‘Real Insight Residential January-March 2024’.

The share of properties priced Rs 1 crore and above has increased to a significant 37 per cent in the first quarter of 2024, significantly higher than 24 per cent in the same period of 2023, the consultant observed.

As per the data, the share of homes, priced Rs 45-75 lakh, in total sales remained flat at 26 per cent during the period under review.