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  • AFFORDABLE HOUSES: Growth Drivers of Indian Real Estate Industry

    AFFORDABLE HOUSES

    If we talk about affordable houses, it typically denotes the housing needs of the lower or middle income population. The Government of India has taken number of steps to make affordable house available to everyone.

    Budget 2017 has proposed infrastructure status for affordable housing, a long-standing demand of developers, and also increased the allocation for the Prime Minister Awas Yojana from Rs 15,000 crore to Rs 23,000 crore, bringing the country closer to realising the Housing for All mission by 2022. Under this one crore houses are to be built by 2019 in rural India for the homeless and those living in ‘kaccha’ houses.

  • BDI in Line with Govt. Initiative to Boost Affordable Housing

    Green Park Affordable House Alwar

    If we talk about affordable houses, it typically denotes the housing needs of the lower or middle-income population. At present, the need for a better job opportunities and the higher living standard has resulted in increased urbanization. This has also increased demand for housing in India. People with low income are not able to fulfil the dream of owning a house.

    “To overcome this need, the state schemes along with Centre’s PMAY (Pradhan Mantri Awas Yojna) are luring developers to launch more projects in the affordable housing sector. The increased thrust given by Government of India (GoI) towards affordable housing has given wings to the home buyers’ dream of owning a house,” said Mr. Ssumit Berry, Managing Director, BDI Group.

    As per the ICRA report, the affordable housing segment is going to increase by 30% as compared to the other segment of the real estate.

    The recent budget announcement of establishing a dedicated Affordable Housing Fund (AHF) in the National Housing Bank will boost the Affordable Housing sector.

    “To bring transparency and accountability in the affordable housing segment of the real estate sector, RERA (Real Estate Regulatory Act) was introduced in the country. Its positive impact is being observed in the sector in streamlining the affordable housing segment.India entered a new era of single unified tax regime called Goods and Service Tax (GST) on July 1, 2017, which has replaced the multiple taxes, levied by the central and state governments and has subsumed of all the indirect taxes. It has eliminated the complex and ambiguous tax structure plaguing the country,” added Mr. Berry.

    In the latest report from Cushman & Wakefield, the top 8 cities witnessed residential launches of approximately 74,000 units in 2017, mainly in the affordable housing. It also registered a 35% decline.

    Prime Minister Narendra Modi’s plan of building homes for all by 2022 is set to boost the economy by $1.3 trillion, create 60 million new houses and over 2 million jobs annually.

    In nutshell, it can be said that affordable housing sector, which is also called the ‘growth engine of Indian Realty Sector’, is surely going to witness the boom in the coming months.

  • Premium 1 BHKs in the contemporary time

    BDI Ambaram

    Photo Courtesy: Internet 

    A recent observation of NCR’s residential market highlighted that the cost of 1 BHKs remain costlier in the area. As per the recent report of Anarock Property Consultants, NCR has the highest unsold inventory of 1BHKs.The area has an abundant supply of 1 BHKs, both in primary as well as for the secondary market. These are a part of new launches; some of them are built years ago and are available in resale.

    It is seen that majority of these 1 BHKs lies in the secondary market are standalone apartments, with super built-up areas of 300-800 sqft. These units range from Rs 8 lakh to 92 lakh.

    Here we look into the trend and present some suggestions by experts.

    Some prime areas have seen corrections in prices. Gaurav Mittal, Chairman of CHD Groups, says: “Prices across segment saw a drop on account of the oversupply in the market. More-over, buyers have turned cautions. Sales are likely to improve and rates will increase and later firm up.”CHD is developing Restorico, a 1BHK serviced apartment project, in sector 34 in Gurgaon.”

    Developers however pointed out that area with good growth potential have better demand for this unit provided with amenities. For instance, serviced apartments in an industrial town like Bhiwadi have a high demand for such apartments. BDI Group’s residential project, Ambaram offers 1BHK units along with 2BHK units in Bhiwadi.

    Ssumit Berry, managing Director of BDI Group, says “Bhiwadi has good demand for one-bedroom units among the business operators and people coming to work in the big companies.”

    Some realtors are with the view that the premium on 1-and 2BHKs is just a result of the high demand for such properties. Some of the developers suggested that the buyer should look for some other options like to go for a 2BHKs which has more demand in the market.

    “Two-bedroom units are being sold easily and remain in demand.”said Mittal.

    Some suggested that if a buyer is opting a 1BHK, then he should buy in premium place. Berry of BDI Group points out other fundamental checklist: “Other factors like developers track record of delivery, developer’s maintenance record within the project, sales in the project, and whether the project is RERA compliant also require close security.”