Affordable housing segment on the rise
With the country facing a dearth of 22 million home units, as per a survey by the Housingand Urban Property Alleviation Ministry, low-cost projects are the need of the hour. Realestate companies? focus is on the development of low-cost homes by targeting middle andlower-income groups. The real estate major, told a newspaper that real-estate wasexpecting that some measures by government that are to be announced for them.Real estate companies analyze that affordable houses will increase younger customers andreach to more people. Companies, which positioned themselves in building luxury villas andhouses for upper segments, have suddenly started working towards ?affordable housing.'The sector witnessed very tough times during the entire economic slowdown and still is in adilemma. From residential and commercial developers to the built-to-operate-transferprojects developers are facing this difficulty in fund raising in 2009. But the sector witnessedprice corrections between 10% - 30% depending on the location. Developers are optimisticand look forward to 2009-10 as a great deal of scope where developing and offeringaffordable homes will be realistic due to interest rates and inflation coming down.
Key Indicators of affordable housing
The ventures that came up in the price range of Rs. 80 lakh to Rs.1 crore and above till afew months ago, are now in a dilemma due to the prevailing indifference in propertyacquisitions, drop in home loan interest rates and tax cuts. A section of the industry hasalready started developing strategies on how to build homes at affordable pricing. Fewindicators below clearly talk about the affordable housing.Real Estate ventures:
The first steps were taken by Golden Gate which announced its project ?Commune?at Tellapur offering flats that started from Rs. 19 lakh.
Then Janapriya Engineers Syndicate came up with its ?Nile Valley? at Madinagudawith 2BHK flats that started from 940 sft and 3 BHK starting from 1,750 sft with the