PCMC lacks 50,000 affordable houses: XRBIA Developers
As per a report by global realty agency, Cushman & Wakefield, Pune saw the highest number of launches in second quarter at 6,600 units, nearly 37 percent of the total new supply. Despite slowdown in market, XRBIA developer unveiled its low-cost housing project at Hinjewadi. Rahul Nahar, MD and CEO of XRBIA Developers, shares his view about the demand for affordable housing in Pune and Pimpri-Chinchwad
How much is the demand of affordable housing in Pune and Pimpri-Chinchwad region?
There is huge demand of affordable housing as per the industrial reports we have studied. India is facing shortage of around 2.5 crore affordable houses. 'Affordable housing' is a term used to describe dwelling units whose total housing costs for either rented or purchased unit are deemed affordable to those that have a median household income. In India the affordable range for purchasing the dream home is between Rs 5 lakh and 20 lakh. It is estimated that by the end of 2020 there will be huge requirement of around 12.5 crore of houses in India.
Though I don't have exact figures for Pune and Pimpri-Chinchwad we are facing shortfall of around 3 lakh houses in the affordable segment category.
At present, there is no supply at all in this affordable category. All the houses are meant for high end users who can spend Rs 20 lakh and above. Actually, we don't differentiate between Pune and Pimpri-Chinchwad and instead, see it as one geographic region. But still as per my estimate there is shortfall of around 50,000 affordable houses in Pimpri-Chinchwad. The area has large number of industrial worker; hence there will be rise in demand for such houses.
Why isn't there a supply of low cost houses in Pune and Pimpri-Chinchwad belt?
There is no doubt that Pune and Pimpri-Chinchwad are one of the fastest growing cities in India and also one of the best to live in. Due to the great infrastructure, job, education and other facilities, a large number of people have relocated to the city, pushing off the demand for Pune homes and apartments. Growth of population has escalated the growth of this realty sector. In last few years, developers have focused on providing luxury real estate options to executives and families.
Due to the rise in demand, property rates have also increased. Pune, once a pensioner's paradise has now become highly expensive when it comes to buying property. The housing requirements of the lower middle-income and lower income groups are grossly neglected in India. Most of the builders are interested in high end projects and nobody is catering the demand of affordable houses in both the towns. Acquiring land for mass house construction is another major concerned.
How do you keep the input cost low? Where do you cut production costs?
Affordable housing is expected to have a positive impact by improving basic quality of life. Problems like traffic congestion, air quality, commute times, etc. can be resolved by providing proper housing facilities to the weaker sections of the society. The key for the affordable houses is to have efficient planning pattern. Also large scale development benefits the economy.
More details on http://economictimes.indiatimes.com/news/emerging-businesses/regional-hubs/west/pcmc-lacks-50000-affordable-houses-xrbia-developers/articleshow/15405099.cms
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