India's housing segment witnessed significant growth in fiscal 2017 and contributed to over 50 per cent to the total sales during the October-December 2016 quarter, a recent PropTiger survey revealed.
According to the Indian housing portal, the affordable housing segment, which includes units below Rs 50 lakh, continued to have a higher share in total residential sales and contributed over 50 per cent to the total sales in Q3 FY17 across top nine cities of India.
The study covered nine cities -- Mumbai, Pune, Noida, Gurgaon, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.
It said of the total launches during the October-December 2016 quarter, nearly 60 per cent were affordable units.
"This is mainly owing to growing demand, government support and increased participation from private players. Also, cities like Bengaluru, Noida, Pune and Gurgaon have shown a big appetite for affordable housing units," the survey reported.
The business head of PropTiger's consulting and data insights unit Anurag Jhanwar said: "with new policies, the government aims to provide a fillip to the building of 30 million homes for the economically weaker sections and low-income groups by 2022. This spells immense opportunity for private developers to explore affordable housing to fuel sales."