Developers don't find affordable homes 'affordable'

by Unknown on January 12, 2015

Developers could not look for the design of cost-effective property practical as they used same sources for top quality tasks and due to development of concrete and metal prices

During the recession of 2009 and 2008, many big and not-so-big residence designers had captured on to the ‘affordable’ trend like never before. Agents such as DLF, Unitech, Tata Housing, Omaxe, Puravankara and Usha Martin, had all hurried to declare their venture into value or cost-effective homes to produce cashflows and amounts.

The competition for cost-effective tasks was almost heady. During 2009, DLF, the country’s greatest designer, said it desired to develop two to three thousand sq ft or 100,000 homes under Rs 20 lakh segment in significant locations. The same season, Unitech, the then second greatest and now the third greatest agent, declared that it organized to create 20,000 cost-effective homes at a cost of Rs 1,700 crore to become the country’s greatest realty organization within a season. A season before that, Omaxe, another Delhi-based property gamer, said it desired to develop one thousand cost-effective homes between Rs 3 lakh and Rs 15 lakh under its Rs 80,000 crore venture.

Cut to the present recession. While DLF and Omaxe have removed from cost-effective property after doing some preliminary tasks, Usha Martin group’s property arm Usha Breco Realty is yet to release three of the four tasks it organized to develop in 2009.(REALTY SCENARIO)

Though, Unitech is still into cost-effective property tasks under the ‘Unihomes’ product, it has marketed over 4,000 models across locations in the last three years. It programs to provide more than 1,500 models in the same classification this season as well, a organization spokesperson said.

Affordable property which had captured the elegant of designers during 2008 is no more a favorite. Just one or two new gamers, such as Mahindras, are coming into the section at a time when revenue in key residence marketplaces such as Mumbai Urban Area (MMR) and Nationwide Investment