Affordability finds resonance here
Builders in Kozhikode are waking up to the importance of affordable housing. One of the reasons attributed to the sudden shift in their strategy is the gloomy scenario in the realty sector.
Several builders have launched projects targeting middle-income groups, especially the salaried class, in the government and private establishments. Many feel that the middle class is reluctant to buy houses or apartments because of the prohibitive price tag.
Affordable housing caters to people willing to pay in the range of Rs.10 lakh to Rs.20 lakh for a flat and Rs.25 lakh to Rs.40 lakh for a villa.
Landmark Builders has launched a project at Palazhi on the outskirts of the city. The company has set up a mock apartment to give a realistic picture to prospective homebuyers. It is offering a two-bedroom apartment at Rs.9.99 lakh, excluding other rates such as stamp duty. The area of each apartment is less than 1,000 sq.ft, but will suit the needs of a nuclear family.
The company expects that affordable housing will be the best bet during the slowdown in the real estate sector.
Earlier, builders focused on the Non Resident Indian (NRI) segment. But now, builders, instead of confining their projects to luxury apartments, are giving space to other categories residing in the State.
N. Rajeevkumar, a real estate businessman, has jumped into the bandwagon of builders promoting cost-effective housing in the city. He has tied up with a Chennai-based builder who has evinced keen interest in building 30 villas on three acres of land at Palazhi, he says. The villa project is in two categories. One of the schemes offers a house on six cents of land and the other on more than eight cents. These will be offered at a price ranging from Rs.40 lakh to Rs.45 lakh.
BIJU GOVIND
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