Affordable Housing
Current Sceniero Forced Devlopers To Turn Their Attention From Affluent Segment To Mass Segment
The escalating cost of housing coupled with the current economic slowdown has forced developers to turn their attention from the affluent segment to the mass segment. This is the story that is slowly spreading across the country. scenario
Be it the distant suburbs of Mumbai or for Greater Noida or Faridabad or even tier-II cities like Indore one is seeing a flurry of housing projects with a price tag of less than Rs 20 lakhs - this segment is typically referred to the affordable segment.
Others in the business admit to the trend. "Ever since interest rates and property prices have fallen, there have been enquiries for affordable houses," said Nirmal Lifestyles managing director Dharmesh Jain. His company plans to offer apartments in the range of Rs 10-50 lakh which will be located outside Mumbai in places such as Kalyan, Dombivli and Thane.
In addition to Nirmal, others like Marathon, Sheth Developers, Evershine Developers have plans to offer affordable houses in Mumbai and the adjoining areas.
In Faridabad, which is close to Delhi, builders like BPTP and Triveni have offered housing at Rs 20 lakh. Delhi-based Omaxe is taking that concept forward. Its project priced at Rs 10 lakh located in Pithampur near Indore will target the government employees who draw salaries in the range of Rs 15,000-20,000. It has bought 120-acres each in Indore, Raipur and Bhopal for its affordable housing projects.
"These employees have secure jobs and they will be able to pay the monthly installment of Rs 5,000. We expect a huge demand for houses that will cost Rs 10 lakh," says Omaxe director DP Srivastav. He added that individuals today want to own a house when they are 30-year-old compared with a time when the age to buy housing at 50.
In Ghaziabad, builders such as Ajnara and Supertech Builder are in the affordable housing space. The deterrent in the construction of economical housing has been the land prices in areas around Mumbai and Delhi.
"During the past three years, there were not enough apartments that were available in this affordable segment which has now led to this huge pent up demand," said Haware Builders executive director Sanjay Haware. This is what has led to the one room kitchen apartments, apart from the slighter larger 1 bedroom, hall, kitchen (BHK), making their way back into the market.
Haware Builders, for instance, has launched a project with 525 apartments situated in Navi Mumbai's Kalamboli with 325 sq ft each. These come at a price of 5.25 lakh. The builder claims that all the apartments were sold in just three days. Its more recent project in Thane, which is located just outside Mumbai, will have 750 flats. That, too, seems to have taken off well. "Some applications will spill over to the next phase," said Mr Haware.
Source: Economic Times Developers Focusing On Affordable Housing
The escalating cost of housing coupled with the current economic slowdown has forced developers to turn their attention from the affluent segment to the mass segment. This is the story that is slowly spreading across the country. scenario
Be it the distant suburbs of Mumbai or for Greater Noida or Faridabad or even tier-II cities like Indore one is seeing a flurry of housing projects with a price tag of less than Rs 20 lakhs - this segment is typically referred to the affordable segment.
Others in the business admit to the trend. "Ever since interest rates and property prices have fallen, there have been enquiries for affordable houses," said Nirmal Lifestyles managing director Dharmesh Jain. His company plans to offer apartments in the range of Rs 10-50 lakh which will be located outside Mumbai in places such as Kalyan, Dombivli and Thane.
In addition to Nirmal, others like Marathon, Sheth Developers, Evershine Developers have plans to offer affordable houses in Mumbai and the adjoining areas.
In Faridabad, which is close to Delhi, builders like BPTP and Triveni have offered housing at Rs 20 lakh. Delhi-based Omaxe is taking that concept forward. Its project priced at Rs 10 lakh located in Pithampur near Indore will target the government employees who draw salaries in the range of Rs 15,000-20,000. It has bought 120-acres each in Indore, Raipur and Bhopal for its affordable housing projects.
"These employees have secure jobs and they will be able to pay the monthly installment of Rs 5,000. We expect a huge demand for houses that will cost Rs 10 lakh," says Omaxe director DP Srivastav. He added that individuals today want to own a house when they are 30-year-old compared with a time when the age to buy housing at 50.
In Ghaziabad, builders such as Ajnara and Supertech Builder are in the affordable housing space. The deterrent in the construction of economical housing has been the land prices in areas around Mumbai and Delhi.
"During the past three years, there were not enough apartments that were available in this affordable segment which has now led to this huge pent up demand," said Haware Builders executive director Sanjay Haware. This is what has led to the one room kitchen apartments, apart from the slighter larger 1 bedroom, hall, kitchen (BHK), making their way back into the market.
Haware Builders, for instance, has launched a project with 525 apartments situated in Navi Mumbai's Kalamboli with 325 sq ft each. These come at a price of 5.25 lakh. The builder claims that all the apartments were sold in just three days. Its more recent project in Thane, which is located just outside Mumbai, will have 750 flats. That, too, seems to have taken off well. "Some applications will spill over to the next phase," said Mr Haware.
Source: Economic Times Developers Focusing On Affordable Housing