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More than 65% of the newly launched residential units in the NCR are priced below Rs 30 lakh, and there are ready buyers for them, says

Affordable housing is the new mantra in the real estate sector and has increased the affordability quotient of middle class end users in their quest for their own sweet homes. The fall in the interest rate to around 9.5% on home loans up to Rs 30 lakh has further added to this factor.

According to a survey conducted by global realty research firm DTZ, affordable houses of less than Rs 30 lakh have shown a robust demand with most of the newly launched units, during the last six months, recording absorption in the range of 30-50%.

The survey says out of 29,367 residential units launched during the period, 82%, or 24,118 units were priced in the range of Rs 1,500 to Rs 3,000 per sq ft in the National Capital Region of Delhi. According to DTZ, this makes an average housing unit of around 1,000 sq ft cost less than Rs 30 lakh, fitting the budget of the middle-income buyer. To be even more specific, DTZ said more than 65% of the newly launched residential units are priced below Rs 30 lakh.

The main reason behind the launch of such a large number of units in the price range of Rs 30 lakh is the overwhelming demand in the 'budget' segment. This is clearly indicated in the sale of apartments recently launched in Noida, Gurgaon, and Faridabad by JP Green, Mahagun, Gaursons, Assotech, Supertech, Purvanchal and BPTP. In some cases, the entire projects were sold out within a couple of days — and, now, a developer is even considering allotment of the flats to applicants through a lottery system, as the number of applicants are almost double the number of apartments on offer.

There is a huge rush to buy houses by the middle class people, who till six months ago found it almost impossible to do so. However, the research firm says the affordable homes are coming with riders, which every prospective buyer must take note of. Not only has the average size of housing units been decreased in the first half of 2009, as compared to the size of units launched a year ago, the amenities provided by developers have also been curtailed.

For 2-BHK units, size it has come down by 14% — to 1,080 sq ft. For 1- and 3-BHK units, the size has decreased by 5% and 12% — to 720 sq ft and 1,493 sq ft, respectively.

In the budget segment, only basic amenities like car parks, security, power back up, and lifts for highrise apartments are being provided. In many cases, even amenities like swimming pools and a gym, which had become a common features in the condominiums being developed for the last five years, are not being provided. Therefore, while selecting an apartment, a buyer must be clear as to what he is buying.

Developers have again shifted their focus in developing independent floors. The report says developers have indicated a preference for constructing independent floors in lowrise housing units and apartments of less than 1,000 sq ft in highrise buildings because of the cost advantage they offer. According to the report, in the last six months, 28% of the units launched were in the form of individual floors in lowrise housing, as compared to only two villa projects, which were launched. However, the buyer must check it before buying, as half of the independent-floor projects do not provide even power back up.

Apart from that, in the condominium of affordable apartments, the density of flats is higher than that in the premium apartments. This will certainly put extra pressure on the common area. But, still, the price at which they are being offered is certainly a good value for money.

Courtesy:- TOI dt:- 04-07-09

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