Chennai witnesses swift rise in budget housing
Chennai- With increasing demand for budget housing, developers in Chennai have been focusing on developing budget homes. The government has also directed that a certain section of apartments should be allotted for the economic weaker section (EWS).
Recently, real estate developer Akshaya launched its project ‘TODAY’, aimed towards the EWS category, at Thaiyur on the famous IT Corridor of Old Mahabalipuram Road. The project received astounding responses from buyers. WIthin three days, over 50 percent of the inventory was cleared.
Around 1020 residential units had got translated into a net revenue of Rs 360 crore at Rs 2850 per sq ft and advance booking of Rs 21 crore. Currently the per sq ft rate is Rs 3000 which is expected to be revised shortly.
Dugar Housing has launched a project in Ambattur recently at a price per sq ft of Rs 3,450, while other competing projects were priced at Rs 4,500 to Rs 5,000. The discounted price offer was availed only for a short period and within few days, around 90 percent of the houses were sold out.
As per the real estate experts, the prime factors influencing the home sales are location, pricing and amenities offered. The acceptance level is instant if the location and project is worth the price.
The recent launches and their absorption rates reveal many new strategies which can be implemented by the developers and ensure that they cater to the current requirements of the buyers.
Akshaya, Ambattur, Amenities, budget housing, builder’s alleged failure to provide the amenities, Chennai, Dugar Housing, economic weaker section (EWS), IT Corridor, Location, Old Mahabalipuram Road, Pricing, Thaiyur, TODAY
