A FICCI survey has found that
maximum demand is for apartments in the Rs 5-15 lakh price bracket and most developers
are looking to tap this segment. The
survey "IndianReal Estate: current Scenario" reveals that nearly 34 per cent of the demand in the residential segment is in
the Rs 5-15 lakh price bracket, about 26 per cent in the Rs 15-25 lakh price range, and 22 per cent
for homes with Rs 25-40 lakh
price tag. The report also found 12 per cent of the
demand to be in the Rs
35-50 lakh price bracket; with
demand narrowing to just 6 per cent in the
case of properties priced above Rs 50 lakh. Affordable housing has been
the latest buzzword amongrealtors, and the last few months have seen most developers realining their
focus to tap demand in this segment Unitech has launched
its new home brand "Uni Home" for affordable housing projects where the units will be priced at Rs 10-30 lakh, while others like Tata Housing, Ansal, API, and Puravankara Projects (through its subsidiary Provident Housing) too have
jumped onto the affordable housing segment.
In fact, the growing demand in the affordable housing
segment has been well-documented in various reports that have been released in recent past. For instance, real estate
consultant Knight Frank projected a whopping market size of over Rs 3,00,000 crore by 2011 for the low-cost housing or affordable housing segment. According to it, a sizable opportunity for this sector is expected to arise from housing
requirement of over two million units by
2011.most critical issue facing the real estate sector. "Multiple State laws hinder and delay the execution of projects," the
FICCI study said, adding that other issue were absence of single-window
clearance, unclear land titles, and unavailability of cheap land for
low-cost mass housing projects. It was felt that grant
of infrastructure status to real estate (including housing, townships and commercial buildings)
would enable easy access of funds from banks. They also favored PPP (public-private partner-ship) in low-income housing to support
projects in the affordable segment. Other recommendations are abolition of service tax on renting immovable property, and streamlining and increased harmonization of registration
and stamp duty rates across States. The need
for a real estate regulator, which would act as
a nodal agency for all real estate
developments and address concerns of consumers and the industry, was also felt. The survey stressed on the need to help in
better implementation of infrastructure and industrial projects and to safeguard the interest of farmers through clear guidelines on acquisition of land and compensation package.
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