 |
|
WITHIN REACH: The concept of affordable housing will benefit the middle class income group who find it tough to buy a home in downtown Mumbai |
I have seen houses even in Vasai and Virar, but the rates there are unaffordable too. Moreover, the locality and crowd is not so good. I don't mind living in a far off suburb, but at least the price has to be reasonable."
True. For the middle class executive buying his own space, however small, even on the outskirts of the city remains a miracle. But not any more. A certain section of the city's builder fraternity has decided to tap this middle class need for budget homes.
Several township projects have been started to cater to such income groups. Developers like Hiranandani, Raheja, Siddharth Group, etc, are also considering township projects on the outskirts of Mumbai. While suburbs like Karjat, Dombivali, Naigaon, Virar have become budget housing hotspots.
"Market surveys proved that there is a huge demand for such housing with the MIG and LIG. In fact, we got around 45,000 telephone calls and 10,000 hits on our website even before we opened for sale," reveals Pravin Banavalikar, CEO, Matheran Realty Pvt Ltd, which recently launched the Tanaji Malusare City (TMC) at Karjat.
"We had a large amount of land at Karjat and making an affordable township project seemed like a good proposition."
Not only Mumbaikars, but even the NRI market is looking out for affordable homes. "For NRIs, the term affordable housing means homes in the range of Rs 10-25 lakh, which can only be found in the far-flung suburbs. Basically, we can make such projects only in places where there is clear land," explains Mihir Dhruv, director of Siddharth Group, which has a mass housing project in Dombivali.
And, can one expect quality housing in these projects? "There's no compromise on the quality of construction and we have met the basic requirements in terms of amenities," says Banavalikar. However, some builders are trying to exceed the buyers' expectations. "Our budget housing project is an eco-friendly one with solar backup and sewage treatment facilities. We have trying to provide a better quality of life," says Dhruv.
Constructing an affordable housing project is not without its share of risks. "Determining the demand for such a project is tricky business. Moreover, you need a certain standard of technology to make it economically viable in terms of cost of production, without compromising on quality.
And it's not just about making homes but a small town that has retail outlets, cinemas etc, that can attract buyers. The idea of living in the middle of nowhere doesn't appeal to all," says Banavalikar. Builders are also wary of taking government subsidiaries as they involuntarily delay such projects.
So, will we see more builders constructing affordable housing projects in the next few years? Answers Raju Khetwani, director, Swastik Builders, "This is possible on a large scale only after the basic infrastructure is covered. It takes a lot of time to commute to such suburbs and it gets tougher in the rains.
Once the train connectivity improves, projects will automatically come up." Infrastructural development, employment opportunities and government housing are some of the other factors that determine the growth of affordable housing in Mumbai.
Only time will tell whether the concept of affordable housing will be adopted by more builders or not. "The positive thing is that once a particular business idea clicks in India, people are ready to experiment on it," adds Banavalikar. Whether affordable housing catches up as a social initiative or a successful business model, it will surely bring smiles to many Mumbaikars who haven't given up on owning a home in the city.
