News & Views on Indian Real Estate

Tuesday, September 30, 2008

Dream Homes Taking Shape For Many

The realty slump that has hit the market could be a blessing in disguise for those who have been struggling to buy a home. With a view to mint maximum profit in Mumbai where land comes at a premium and there is a booming realty market to boot, over the last four years several developers had redefined their company profile to cater largely to the higher end of the price spectrum. However, builders who had built sprawling duplexes with lavish interiors, motion sensor lighting, home theaters and walk-in wardrobes for an exclusive clientele are finding that what they managed to sell were more glossy brochures than actual flats. And now, there is rethinking. Mr. Anuj Puri, Chairman of Jones Lang LaSalle Meghraj said that most realty majors are now focusing on the neglected sector of affordable housing after realizing that they have the fastest absorption rates. This trend is now evident on a pan-India basis. Major real estate players including DLF, Parsvnath, Omaxe and Unitech whose forte until now was luxury homes are now planning to venture into the affordable housing sector in Punjab. Some time back, Purvankara Projects announced the launch of its affordable housing arm which would build homes priced at Rs 10-20 lakh in Bangalore, Chennai, Hyderabad, Coimbatore and Mysore and later in Delhi, Pune, Nagpur and other places.

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