NEW DELHI: Playing on the basic economics of small margins-high volume, realty majors are now adding low-cost residential projects to their portfolio. Omaxe, DLF, Ansal API, Parsvnath, BPTP, et al are setting their eyes on the small and mid-income home buyer segment and lining up projects which will meet the aam aadmi’s need.
Sample this: Omaxe will be investing Rs 5,000 crore to develop low cost or affordable houses in tier II and III cities. “The price of these houses will be around Rs 20 lakh. The time has come for developers to foray into affordable housing segment where the demand is significant,” said Omaxe CMD Rohtas Goel. The company is yet to acquire land for these projects.
BPTP that recently bagged the biggest land deal in Noida, will also be introducing residential projects in Faridabad which will have an `affordable’ price tag of Rs 40-50 lakh. BPTP has a 1,400 acre land bank in Faridabad and says volumes can be created according to the price.
“Once connectivity improves, Faridabad will be a preferred and an affordable destination for home buyers,” said BPTP MD Kabul Chawla. India’s largest real estate developer, DLF has also launched a number of affordable housing projects in different cities that will cater to lower and medium income groups.
Chennai, Bangalore, Indore, Manesar and Cochin are some of the markets where the realtor will come up with residential projects. While a 3 BHK in Chennai will be in the price range of Rs 35-50 lakh, projects in New Gurgaon and Manesar will cost Rs 45 lakh and upwards.