Nowadays, builders have started to build homes at low cost with fewer square feet’s rather than luxury homes and flats in Chennai. The reason behind the matter is, need of low costs homes increased.
A few years ago, people were interested in buying homes within the city limit. However, the economy slowdown in 2009 has also echoed in construction industry. So many builders were not able to sell homes, which were built until 2012 end. Afterwards, builders hesitated to build luxury homes and villas. At the end of 2012, the deficit for homes has been increased more than 2.6 Cr in metropolitan cities in India. In this, nearly 70% of homes are low value homes, which is the most choice of middle-class families. Corporate companies have started to invest in real estate industry, as the need for homes is increased. Many corporate, including Smart Value Homes, Mahindra Lifespaces, and Patel Realty putting effort to execute new plans for home needs.
Though, this matter can be welcomed, top builders are able to build homes only in the outskirt of cities, because of the land value within the city limit is higher than the land in the outskirt of metropolitan cities. They are able to build homes at low cost from 25 to 30 km away from the city limit in cities like Chennai, Bangalore, and Pune. In addition, the land value is low only at there. But, they are able to build homes between 10 to 15 kms cities like Kolkata and Ahmedabad. Builders are expecting such a situation should come in Chennai.
In general, all are having dreamed about buying their own home; this is high in people who are earning 4 to 5Lakh in a year. They are even ready for to get the loan from banks. Builders are aiming them and interested to build fewer area houses from 550 to 700/sq.ft. Moreover, people are not interested in buying 2BHK and 3BHK homes. So, they avoid building such houses, and reduced luxury apartments and flats significantly, a statistic report said.