Affordable Housing Projects- Realtors seek government co-operation
The real estate industry has been reeling under the pressure of high land costs, delay in approvals, and high rate of interest from the financial institutions etc. for the last few years. Now they want the government intervention to make housing segment viable for buyers.
Ceebros Property Development Chairman C Subba Reddy mentioned that there is a demand for affordable housing however cooperation from the government is also necessary to make this profitable for the developers too. The government should look at offering special packages, reduce red tapism during approvals and help the developers to expedite the process.
Recently, cashing in on demand for affordable housing segment, Mahindra Lifespaces, the real estate arm of the diversified business conglomerate Mahindra Group, announced two projects each to come up in Boisar in Mumbai and Avadi in Chennai. This housing project named ‘’Happinest’’ is targeting individuals having monthly pay of up to Rs 40,000.
Urban India was estimated to have 19 million families either living in slums or in low income neighbourhoods on rent and this housing deficit is likely to rise to 38 million by 2030. BJP’s manifesto talks about ‘’housing for all by 2022’’.
There is a positive wave in the market and the developers who used to shy away from affordable housing projects due to low profit margins are now taking interest in these projects. And if the current budget brings good news to the real estate segment, then this trend will improve in the time to come.
Source- Financial Chronicle
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