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Posts Tagged ‘affordable home’

Rising demand for affordable housing in west

Friday, May 28th, 2010

Areas in the Bangalore West such as Magadi, Jalahalli, Mathikere and Nagarbhavi are witnessing demand for residential options primarily due to the planned connectivity. Analysts estimated residential sales volumes in 2009-10 to be in the region of 250 million sqft which was higher over 2008-09 by two-thirds.

The improved connectivity will lead to a lot of businesses coming up here and will generate employment for thousands of people. The connectivity and resulting boost for industry in this region will push demand for affordable housing in west Bangalore. The widened Sarjapur Road saw a surge in residential high rises, IT parks and new retail establishments on either side. Similarly, Bangalore West is expected to see a growth in its residential and commercial market.

The Bruhat Bangalore Mahanagara Palike’s (BBMP) initiative to widen major roads in the city will not only speed up commuting time and ease traffic congestion, it will also improve connectivity and foster large-scale real estate development along the routes.The opening of the road from Summanahalli, Magadi Road to the Mysore Road-Ring Road junction has led to a new interest in housing options in this area. The BBMP has planned major signal-free corridors that will ease traffic in this area. The BMIC’s expressway is expected to fuel growth towards Bidadi. The Tumkur Road project will enhance connectivity towards Nelamangala and reduce congestion on the ORR.  The widening of the Bangalore-Mysore highway from the existing four-lane to a six-lane road has already begun.

Devanahalli, Hoskote, Attibele, Tumkur Road, Whitefield, and Doddaballapur Road are some of the areas that will benefit from proximity to the PRR. Many developers have come out with housing projects and sites in these areas. Areas along Bellary Road, Hennur Road, Yelahanka, Jalahalli, and Jakkur are emerging locations for Grade A residential developments. Tumkur Road, Hosur Road and Doddaballapur Road are emerging residential pockets for affordable housing segment.The Metro will connect residential, commercial, and industrial hubs, giving a greater impetus to realty and push up property prices.


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Ready-to-occupy homes will find favour with new homebuyers

Monday, January 4th, 2010

According to a Knight Frank report on affordable housing, affordable housing units are springing up in areas where there is a larger concentration of middle income end-user segment. Most builders in the city are concentrating on constructing one and two BHK apartments as affordable homes, with sizes varying from 500-900 sqft and cost varying from Rs 1200-2500 per sqft. The cost of an affordable unit would vary from Rs 15-30 lakh depending on the location.

With large land parcels on the outskirts of the city being cheaper, several developers have launched their affordable housing projects in the suburbs of Yelahanka, Doddaballapur, BTM Layout, Whitefield, Jigani, Sarjapur, and Kanakapura Road. Areas around Bellary Road leading to the airport have seen a spurt in the launch of residential units in the last one year alone with the road connectivity being a singular factor driving the demand here. Sarjapur Road continues to hold demand and the areas leading to Sarjapur Village and in the vicinity of the police station are seeing a spurt in an assortment of affordable housing units including compact villas.

According to the Knight Frank survey, the sentiments in the real estate industry are that although there is not much reduction in price, the absolute reduction in unit cost would be sufficient to drive affordable housing demand.Affordable housing projects are coming up along Doddaballapur Main Road, Hesaraghatta Road, Jakkur, Allasandra and Hennur ORR. Planned plotted layouts leading from Doddaballapur Main Road towards Nelamangala are finding takers in investors who prefer buying land to an apartment.BTM Layout, Kanakapura Road, Electronic City and Sarjapur ORR are where homes in the affordable range have been planned.  Several affordable projects have been announced around Whitefield in Hoodi and Kadugodi.

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Will the 1BHK concept satisfy the urge for a comfortable home?

Monday, December 21st, 2009

The home buyer is normally a person who wants to set up a family or one who looks around for investment options. With the tax exemptions allowed by the government for repayment of loans and interest paid on loans for purchase of house property/construction of houses, investment in property received a shot in the arm.

As for the one who wants to set up a family, his needs depend normally on the number of members in the family, price quoted for the house and available surplus for repayment of loan. Location and distance from work place, possibility of future expansion and the like come next.

In India, promotion of housing initially came from the government. For the middle and upper middle class, affordability is the key. The increase in income of people during the last 10-15 years due to higher industrial growth, proliferation of software firms etc enabled property buyers to go in for larger and luxurious houses. The global meltdown turned the table upside down and investment in house property has been hit badly. This has led to shift in demand from large or fairly large accommodation to lesser floor space. Another reason might have been the wait for locating accommodation in the city center area.

Improvement in transportation facilities, construction of ring road and peripheral ring road, metro rail etc also factored in. The development of townships in and around the peripheries of cities also shifted the demand from one location to the other. There was a time when small apartments went a begging in Yelahanka, Kengeri, Whitefield and Bannerghatta Road. After the economic slowdown, salaries took a downslide and people thought of various methods to beat the recession.

One major approach has been to go in for lower floor area houses. The city is becoming larger and people need to either move out from the central area or go in for smaller accommodation. In this background, the one-bedroom tenement is perhaps the solution.

Reference:

The Hindu

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Estate South 2009 on 13- 14 November 2009

Friday, November 13th, 2009

Estate South 2009 – “South India Real Estate – The Way Ahead”

Estate South 2009 is one of the leading conferences on the real estate sector in South India.Estate South 2009 conference will focus on various critical issues like affordable housing and challenges faced in the current economic scenario and how to overcome from the global recession.

Estate South 2009 Starts on November 13, 2009 and ends on November 14, 2009 at Hotel Taj Coromandel, Chennai.

The fourth edition in the Estate South serie, organized by Confederation of Indian Industry (CII), will provide an outstanding platform for industry leaders to share their experiences and thoughts to develop the real estate industry.

Sessions @ Estate South

  • Who Moved My Lease?
  • Money Matters – The Investment Route
  • Sustainability – Green Way to Success
  • State Focus: Best Practices in Sanction Process
  • Alternate Revenue Generation from PPP Models: Is real estate the answer?
  • Taxation and Processes
  • Affordable Housing – Reactive Alterations Rather Than Proactive Decisions?

Confederation of Indian Industry invites you join at Estate South 2009 on 13- 14 November 2009 at Hotel Taj Coromandel, Chennai.

For Further Details, Contact

Ms Merin Devassia & Ms M Subha
Confederation of Indian Industry
No 98/1, Velacherry Main Road, Gunidy Chennai 600 032
Tel:91-44-42444555 fax:91-44-42444510
Email: merin@cii.in; subha.m@cii.in

Reference:
http://events.linkedin.com/Estate-South-2009-South-India-Real/pub/153702

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The Future of Affordable Housing is Indeed Bright

Thursday, August 20th, 2009

Real estate sector always come up with innovative way to secure your investment. Buying a home is dream of common man and affordable housing has made dream come true. “Affordable housing” is a term used to describe dwelling units whose total housing costs are deemed “affordable” to those that have a median income.

Affordable housing denotes the basic human need for a comfortable home that offers value for money and cost is relative to the amount that the buyer can afford. Experts here suggest that homes costing no more than five times the buyer’s annual income can be considered affordable.

According to a Planning Commission Report, the urban housing shortage as in March 2007 was around 24.71 million and it will increase to 26.5 million by 2012. Ninety-nine per cent of this shortfall in housing is with regard to Economically Weaker Sections (EWS) and Low-Income Groups (LIG) which contributes to squatting and slum formation. Apart from the existing shortfall, the increasing urban population, which is expected to reach 576 million in 2030 from the current figure of 328 million, will add to the affordable housing demand.

Some developers have either shifted to affordable home projects or made some change in project to make their existing project fit for affordable home. If you already own a house, investing in a second property may not be a bad idea. You can get tax benefit on your second home. Buy a second house that meets your needs, available finances and lifestyle.  The economic slowdown is proving to be a blessing in disguise for the common man, especially as far as housing is concerned.

Lower interest rate, construction cost and easy home loan makes investing or buying affordable home easy.The future of affordable housing for the next few years to come is indeed bright. Energies of all stakeholders are focused in the right direction to meet a common goal. Public-private partnerships will be a vital tool and the way forward to address affordable housing.

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Single bedroom apartments and small homes will become norm in future

Wednesday, August 19th, 2009

Demand and enquires for small or affordable home is increasing in last two or three months. In the coming month, sale of property will increase since people who postponed purchase in October due to recession and instability in market are firming up their mind.

Developers and most companies as reported increase in sale of property by 60 per cent in second quarter. In the recently concluded CREDAI Realty expo besides large number of enquiries in new projects 36 housing units were sold on the spot.

Single bedroom apartment or small homes were exception in past. Developers or builders are looking this segment as feasible opportunity to offer affordable home. Several projects are being modified to fit in 1 BHKs.

The recession has also bring down the cost in the affordable home segment, range from Rs. 15 lakh to Rs. 25 lakh in well-developed areas. As the demand for space increases along with the need for affordable houses, 1 BHK apartments and small homes will become a norm in the future.

Before the recession set in, 1 BHKs were confined mostly to projects developed by Category C developers whereas even Category A developers are also pitching in into affordable home segment now. This is also the best time for customers to buy homes, as prices could go up again in near future.

Reference:

For builders, small is now beautiful

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