News & Views on Indian Real Estate

Wednesday, August 27, 2008

Realty Players to develop more economical houses to attract buyers

Increasing interest rates and rising construction costs are changing the mood of many aspiring homebuyers, because of which real estate developers are changing their strategy to keep their business going. They are now switching either to so-called affordable housing projects or high-end customers, who mostly buy cash down or with limited amount of borrowing. Many developers are opting for low-cost housing - the latest to come on board is Bangalore-based Puravankara Projects, which is planning to build 65,500 low-cost flats in five southern cities over the next five years. Realty major, Omaxe is building 1 lakh houses across cities in northern India - the flats would be priced between Rs 1,000 and Rs 1,100 per square foot. "Most large developers have now woken up to the fact that affordable housing projects have the fastest absorption rates and are focusing on this," said Mr. Anuj Puri, chairman of realty consultancy company, Jones Lang LaSalle Meghraj.

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