ANDHRA PRADESH

Affordable housing in?



Many realtors appear to be inclined more towards flats in Rs.10 lakh category



HYDERABAD: The property scene in the city, that for a couple of years gained a hue of high-end luxury, is seeking to find means of sustaining itself these days. And the question is with even the mid-level housing failing to catch up in right earnest, is it time for the builders in the city and suburbs to go in for apartment flats in Rs.10 lakh category?

Disinterest

From projects that came up in the price range of Rs. 80 lakh to Rs.1 crore and above till a few months back, the prevailing disinterest in property acquisitions despite a host of measures that include a drop in home loan interest rates and cut in taxes has clearly left the industry in a quandary.

And a section of the industry has already started toying with the idea of bringing the price tag to still more affordable levels.

The first steps were taken by Golden Gate which announced its project ‘Commune’ at Tellapur offering flats that started from Rs. 19 lakh.

Then Janapriya Engineers Syndicate came up with its ‘Nile Valley’ at Madinaguda with 2BHK flats that started from 940 sft and 3 BHK starting from 1,750 sft with the price range beginning from Rs.2,350 per sft. Some other leading project developers have already come up with housing prospects that are on offer at around Rs.12 lakh onwards.

Reworking strategies

“Many who have already acquired sites and are in the process of starting ventures are forced to rework strategies. Since the market for Rs. 40 lakh plus flats has dwindled fast, the trend could be towards volumes than amenities,” a builder says. Thus, the coming days could see less of open spaces, greenery, club houses, badminton courts and similar such promises and more of living spaces.

Compromise

Will it be housing with price tags of around Rs.10 lakh and plus? A major section in the industry appears to be inclined more towards this. Instead of spacious flats, most of the projects on drawing boards are likely to work for small and comfortable living spaces with just adequate amenities.

Another builder points out that a compromise will be worked out on the fittings and fixtures to usher in affordability.

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