NEW DELHI: Growing demand for homes in smaller cities of the country is attracting real estate biggies. Cities like Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Lucknow , Nagpur, Surat , Vadodara and Visakhapatnam are estimated to add 354 million sq ft of residential development in the coming 03 years. According to a research, large builders like DLF , Unitech , Parsvnath , Omaxe , Ansals and Emaar MGF have already diversified into these cities. These cities today show huge potential for growth. These cities are attracting the big developers because of their considerable price stability and growth prospects. With economic activity picking up in these cities, there is a growing migration from smaller areas, which has created a shift towards an apartment culture. This shift will foster volumes for larger developers in the future.
Looking at this new demand, banks and financial institutions are also looking towards these cities to bridge the financial saturation gap.The growth prospects in the smaller cities are fascinating huge developers with multi-city existance.
In the Visakhapatnam chapter, regarding the disputes between buyers and builders, on Thursday, the Confederation of Real Estate Developers’ Association of India (CREDAI) took responsibility of being a mediator so as to arbitrate the disputes.
A code of conduct was formally released by code of conduct, national president, CREDAI. This code was originally brought by the Visakhapatnam chapter as a measure of self-regulation. The formal release of this code of conduct announced many dos and don’ts for member developers/builders of CREDAI.
In the welcome address, K. Subba Raju, the chairman of CREDAI said that they would surely keep a watch on all members so that they adhere to the 27 guidelines of the code completely which in turn would develop a sense of confidence upon the fraternity.