Affordability finds resonance here
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With people hesitant to buy houses expecting a further fall in prices, builders are getting into low-cost projects.
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Housing for all: Affordable houses are liveable houses minus the frills and less common spaces.
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. Builders are opting for affordable housing for two main reasons. One of them is that even genuine buyers are hesitant to purchase houses believing that the prices will come down. Already the real estate market has undergone a correction by 15 per cent to 25 per cent. People are afraid to invest in the real estate sector, says P. Mehaboob, a real estate consultant.
BIJU GOVIND
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