Suburbs A New Haven For All Sections of People
Demand is moving towards the suburbs due to better infrastructure, larger floor area, lower rentals and parking facilities. Developers are exploring the potential in many western and northern suburbs too.
The construction industry is gearing up to meet the housing needs of the evolving suburbs which have become a new haven for all sections of people, say industry sources. The non-availability of vast chunks of land in the Chennai city is making many builders, including several construction majors, rush to the suburbs to provide ‘affordable’ housing not just for the salaried class but also the affluent.
“We can get land only in terms of square feet in the city whereas we can get acres of land in the suburbs. The availability of vast lands facilitates builders to construct 400 to 500 flats at a spot with modern facilities,” says Mr N. Raghunathan, chairman of Builders Association of India.
Areas in the western suburbs of Chennai, especially in Tiruvallur district, are witnessing development and growth in localities like Gummidipoondi. Connectivity is the driving force behind the growth of realty here. Developers are exploring the potential in many western and northern suburbs too.
As for pricing, Mr Raghunathan says the price is normally fixed based on the land and construction cost. But nearly 70 to 80 per cent of the unit cost meets the cost of purchasing land in the heart of the city. Commercial space is also being lapped up on the outskirts of the city and the lion’s share for new office space comes from IT and ITeS firms. Demand is moving towards the suburbs due to better infrastructure, larger floor area, lower rentals and parking facilities.
According to sources at the Confederation of Real Estate Developers’ Association of India (CREDAI) Chennai city alone faces a deficit of 60,000 housing units with about 6,000 of them in the high-income group segment, 12,000 in the middle-income group, and 18,000 in the low-income group. The economically-weaker sections require 24,000 housing units.
affordable home, Builders' Association of India, Chennai, Chennai Builders, Chennai Properties, Chennai real estate, Chennai Suburbs, Construction industry, CREDAI Chennai, Demand for suburbs, Housing needs, Real estate in India
