After a bad year for the property market sales for affordable houses finally seem to be picking up in Delhi-NCR and right pricing and location seems to be doing the trick.
Two housing projects in Delhi-NCR have been fully booked within days of launch.
According to data available, 3300 flats in Jaypee Greens new project Aman on Noida-Greater Noida expressway were booked on day 1.
These flats were priced at Rs 2100 per square feet. Last year Jaypee had launched flats in the range of Rs 4500-6000 per square feet along the same expressway. Also, 1000 independent floors in BPTPs project Park Elite in Faridabad were over subscribed. BPTP received 3700 bookings worth Rs 80 crore for the project.
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It was touted as a realization of the ultimate middle class dream houses that fit the pocket. Just that it went bust. Months after developers flooded the market with housing projects tagged as affordable, there seem to be very few takers. The reason: the actual area of many of these flats is far less than usual. Others are being rejected because of poor location.
Said Renu Chaddha (name changed), who had bought a flat in an affordable housing project that was launched in Faridabad earlier this year, and is looking for another property to invest in. At that time, only
The affordable housing market in India that is increasingly being targeted by developers is worth at least Rs3 trillion and will see demand for 2.06 million homes by 2011, a survey conducted by property consultant Knight Frank India has found.
Although buyers with an annual income of between Rs3 lakh and Rs10 lakh will drive demand for affordable houses, around 80% of the demand is expected to come from those earning between Rs3 lakh and Rs6 lakh a year, a report based on the survey said.
Basically, what we are saying is that a house is considered affordable when it costs five
DHFL Property Services Ltd, a 100% subsidiary of housing finance company Dewan Housing Finance Corporation Ltd (DHFL), is paving the way for urbanization of rural India in association with regional builders and developers.
The company has tied up with various builders across rural and semi-urban India to market affordable projects under its low-cost housing schemes for low-wage earners. The company will initially market schemes in the suburban areas of Mumbai, Chennai, Ahmedabad and Hyderabad, the company said.
DHFL Property Services will market 2,400 houses in Vatsalya Developers Dream City project in Boisar. The flat size would range between 380 sq
When Maharashtra Housing and Area Development Authority (Mhada) started selling the application forms for its 3,863 affordable houses in Mumbai on January 12, nearly 1.89 lakh forms were picked up from HDFC branches within next two days.
The state housing authority had priced its low-income group flats at about Rs 330,000 and thats the segment where it witnessed the highest demand; in the first five hours, 88,222 forms — priced Rs 100 each — were sold.
The mid-income group (MIG) flats were priced between Rs 12 lakh and Rs 17 lakh. Several of these housing projects were being offered at prime locations
Joining the likes of DLF and Unitech, Bangalore-based realty developer Puravankara Projects today announced its foray into the affordable housing segment in an effort to beat the property sector slump.
Puravankara, which has a land bank of 125 million sq ft, said fully-owned subsidiary Provident Housing and Infrastructure will launch the projects.
Jayakar Jerome, a former bureaucrat, has been appointed as the managing director of the new company, while Puravankaras current Chairman Ravi Puravankara has joined the company in his current capacity.
More : business-standard.com
