Bhopal, Indore witness housing boom
As per a survey by Housing Start Up Index (HSUI), there has been a significant rise in housing demand in Tier-II cities like Bhopal and Indore, while the Tier-I cities have taken a beating.
HSUI is an indicator of volume of construction in the housing sector in certain period covering 27 cities across India.
Indore witnessed most permits issued between 2007 and 2009 for single house units (SHUs). The trend changed in 2009. Between 2010 and 2011, most permits were issued for multiple house units (MHUs). Bhopal too is witnessing a similar robustness in construction activities, the HSUI report stated.
The development is not only helping the consumers but those in the realty sector are also making it big. An Indore-based real estate developer, Kunal Jhaveri said, “These indices will be able to convince the government about the importance of the realty industry and its scope for employment generation.” Another builder, Sunil Agrawal, said, “Government has been forcing us to provide housing to people living below poverty line. This is difficult as our cost is rising by the day. Hence, through the index, we will be able to convince the government to spare us.” A Bhopal-based real estate developer, Neeraj Macker, said, “HSUI will act as an indicator which will help us know which city has greater demand for housing and under which price-band.”
Another Bhopal-based realtor, Manoj Meek said, “HSUI report will help government assess that which kind of benefits should be given to the sector. Also, it will help government frame better policies for us. It will help us get infrastructure status to the industry.”
27 cities, Bhopal, Construction, Consumers, Government, Housing boom, housing boom in indore, housing boom witnessed in indore, housing demand, Housing Start Up Index, HSUI, India, Indore, Indore to witness housing boom, MHUs, multiple house units, policies, Realty sector, SHUs, single house units, Tier-II
