Your dream home, now a reality - TeluguProperties.com
C Suresh Krishna | 21 November 2008, 12:59pm
The Hyderabad realty sector continues to receive large scale investments despite the economic slowdown. As many as six new massive residential projects were launched in the city during the last four weeks by realty majors such as Prajay Engineers Syndicate, Golden Gate, Purvankara Projects, Modi Builders and Janapriya Engineers Syndicate.
These companies have lined up Rs 3,000-crore investments spread over three years. Most of the projects are located near Tellapur, Miyapur, Gachibowli, Madinaguda, Patancheru, University of Hyderabad and Nagole.
Interestingly, majority of the upcoming projects are aimed at the middle-class and upper-middle class segments with apartments costing Rs 20 lakh and villas in the range of just Rs 35 lakh. These segments are witnessing considerable demand despite the slowdown in the housing sector.
Prajay Engineers Syndicate has launched ‘Water Front’ project in Turkapally spread over 72 acres. It is developing 585 independent ‘affordable villas’ ranging from 1,490 sq.ft to 4,500 sq.ft. The entry level price of a villa is Rs 33.5 lakh.
The demand for ‘affordable housing’ can be imagined from the fact that of the total 150 villas the company planned to build in the first phase by March 2009, nearly 85 units have already been sold out.
"With spiralling real estate costs, owning a home was becoming a distant dream for a larger section of the society, We are offering villas, which are at par in quality, treatment and amenities with premium villas but still within the reach of the common man with their affordable pricing," said D. Vijay Sen Reddy, executive director, Prjajay Engineers Syndicate.
Realtors attribute the rise in demand in these segments to the Reserve Bank of India’s recent policy to encourage banks to lend loans under Rs 30 lakh under priority sector lending norms. RBI feels that the policy will propel demand in the priority sector lending by enabling the common man to avail of the credit facility. This unwavering demand has led to a steady price rise in this segment that has never seen a price correction, not even during the current slowdown. Realtors say it’s the Rs 50 lakh-plus segment that has the jitters, but the Rs 15-20 lakh range is still selling fine.
Moreover, the construction costs too came down by 30 per cent owing to sharp drop in the prices of raw materials such as cement, steel and concrete during the last three months and the builders feel the time is ideal to take up realty projects.
Golden Gate, known to offer quality affordable housing, has launched its integrated township project ‘Commune’ in Hyderabad.
It will build 3,500 world-class living spaces at a price starting from Rs 19.9 lakh offering 2BHK and 3BHK home spread over 960-1,490 sq.ft.
"We believe that affordable housing can indirectly propel growth in the real estate sector, which is in a downward spiral after the economic slowdown set in," said K. Pratap, managing director, Golden Gates Properties Ltd.
"Hyderabad has always been over the top when it came to real estate pricing, always dearer by 20-25 per cent than the prevailing rates across the country. It is high time the realty sector steps forward to provide quality yet affordable housing solutions for the common people," he says.
Courtesy by: DC Estate
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