Realty major DLF has begun selling homes in south Bangalore for prices starting at Rs.28 lakh compared to the Rs.70 lakh-plus starting price for most of its flats, echoing a trend it has stayed away from for years.
The Malaysia’s Selangor State Development Corporation (PKNS) has forayed into India’s real estate sector and is close to concluding a deal with a leading developer to build affordable houses in Mumbai.
More than half a dozen builders, including Ahmedabad-based Bakeri Group, Lodha Developers and Indiabulls Real Estate, have either pulled out of the affordable-housing segment or have changed their offering.
“Reduction in taxes and flexibility in approval process will provide affordable homes to the masses. If these two elements are addressed by the government, selling price of the homes will be reduced by at least 33%,” said Lalit Kumar Jain, President of CREDAI.
Tata Housing Development Company would invest up to Rs 3,000 crore next fiscal to develop affordable homes across the country. The company already has five projects in the affordable segment and plans to launch 7-8 more projects next fiscal.
We are happy with the governments focus on affordable housing. Loan amount that qualifies under priority sector lending. Now, a home loan of Rs. 25 lakh would qualify as priority sector lending.
Among the major factors contributing to the escalating ‘claustrophobia effect’ of shrinking apartment sizes, demand for affordable homes in metros tops the list. Also, buyers are increasingly looking to avail the government’s credit subsidy benefits for affordable housing. These require a home to be priced
Chinese officials are blaming the speculators for soaring property prices and have announced to build 36 million affordable homes over the next five years.
Nestled in a strategic enclave of Malad East; Aarambh Avyaan benefits from exceptional connectivity including metro access, Western Express Highway and proximity to the airports and upcoming Goregaon-Mulund Link Road, promising robust growth and appreciation potential. The project not only offers a significant lifestyle upgrade but also stands as a unique investment opportunity, with potential rental yields soaring beyond 4%, outpacing Mumbai’s average of 2.5-3%.
There is no denying that the world has changed for the real estate in this part of the market. Of course, there are acceptances with degree varying, denials and even reluctance to adapt to the new normal. However, what can’t be argued is the fact that the market forces are clearly signaling the paradigm shift from the existing denial & resistance to change.