Published & Updated as on - 2010-03-19
Mumbai developers seem to have given up on
housing for the middle-class. If you thought the realty revival in the city
would come through middle-level affordable housing, you cannot be more off the
mark. Most new launches are looking at the Rs1-crore residential houses
project.
Take Kalpataru developers — it is building a
750-unit project — Kalpataru Aura — in Ghatkopar. The project launched a couple
of months ago has properties in the price range of Rsl.25 crore to Rsl.50
crore. Its Malad project, Kalpataru Pinnacle, will have 80 exclusive
apartments, each priced at around Rs3 crore. Lodha Developers has launched a
42-storey apartment building, Lodha Imperia, at Bhandup, with flat prices
inching towards the Rs1-crore mark. The target audience of these builders is
apparently NRIs from Europe and the US.
Moreover, analysts
believe developers like Lodha and Kalpataru have launched high-end projects for
a specific reason of brand positioning, in view of their respective IPOs around
the corner. While citing reasons for this sudden surge in demand, Pranay Vakil,
chairman of global real estate consultants, Knight Frank, said, “The economy is
on the recovery path. After more than four quarters of slowdown, it is the
pent-up demand that has flared up the market at present. However, it remains to
be seen how it fares in the coming months. One cannot ignore that there is a
huge demand for affordable housing.”
Acknowledging the
trend, Pravin Doshi, president of Maharashtra Chamber of Housing Industry, said
developers have no option but to construct high-end apartments as the land cost
in the city is very high. “It does not make business sense to construct 1-2
BHKs. The best option to recover their costs plus earn a profit is by
constructing relatively big apartments, especially when there is a genuine
demand for such houses,” said Doshi.
Source: Indian
Realtynews 20/3/10
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