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Her search for a home recently took marketing executive Tanya Sirpurkar (name changed) to Kollur Hyderabadoutskirts of. Local developers describe it as a “growing residential pocket”. It has several under-construction projects that promise buyers everything Tania could wish for: a spacious 2BHK complete with gym, club house, swimming pool, the works. Priced around Rs 60 lakh, this apartment fits Tanya’s budget as well.
But this ‘luxury at an affordable price’ hi-tech city is located on a barren land at least 30-35 km from the Madhapur belt, where most HyderabadThe offices of Though real estate agents promise that Kollur will have hospitals, schools and malls “soon”, Tania learns that they are at least 5-8 years away. And he will always have to depend on his car.
So, two months later, the 40-year-old has rented a house near his office for Rs 35,000 per month. And this is the story of India’s middle class in major cities today.
big house, big profit
With the pool of affordable homes rapidly shrinking, middle class buyers in metros like Hyderabad, Bangalore, Pune And Chennai are pushed to the margins. Since homes in the Rs 50 lakh to Rs 60 lakh bracket are at least 30-40 km away from city centres, the middle class has two options: commute for hours each way or shell out a fortune for rent to live in the city. pay the
Industry experts say this ‘Mumbai-fication’ of Indian cities is due to builders’ focus on luxury properties post COVID-19. Because big houses fetch big bucks, reputed builders are starting mega ventures only with a base price of around Rs 1.5 crore.
According to a recent Anarock report, a share of affordable housing Sales in the top seven Indian cities to fall by up to 20% during the first quarter of 2023. A total of 1.14 lakh units were sold, affordable housing Around 23,110 units are covered. Its share in 2019 was close to 40%.
“The luxury segment was the least affected during the pandemic. Besides, the margins on affordable homes are very low,” said Veera Babu, managing director (Hyderabad) at global realty services firm Cushman & Wakefield. The sharp rise in land prices in these cities (25-30% on an average) is also driving budget homes away from the centre, he said.
other costs at the border
“With my budget of Rs 65 lakh-70 lakh, I have accepted that I will have to stay away from central Bangalore – Less than an hour’s drive. Nothing comes close to this for less than Rs 1 crore,” said Sneha Rai, an entrepreneur who recently booked a house at Budigere in Bengaluru, about 32 km from Koramangala. She’s debating her choice now because distance is just a disadvantage. There are also social and civic challenges in these areas – roads, sanitation, schools, hospitals, delivery services, etc.
“New locations are dependent on tankers for water, and small hospital-type for clinics,” said Chennai-based Amit Damodar, secretary, National Association of Realtors, India. Affordable projects often come with limited amenities while maintenance is required. The cost is very high. , In the case of Chennai, he said, buyers eyeing a home under Rs 50 lakh (950 sq ft built-up space) are forced to travel to Kelambakkam, Camp Road or Perungulathur, about 30-35 km from central Chennai. goes.
in the same way Pune“Affordable” areas like Wadki and Wagholi are about an hour away from the city centre, say local realtors. “The civic infrastructure in these places is definitely in a nascent stage. For example, Wagholi came under the Pune Municipal Corporation only a month back. So, it will take some time for the government to strengthen the infrastructure here.
The lack of public transport is another concern. Experts point out that unlike a major city, which has multiple modes of transport, affordable locations have one or at least two modes of transport, which are often prohibitively expensive.
‘Government can help’
Experts say that the solution to this disparity in the realty market lies in revising government policies. “At the outset, it is important for the state machinery to play a balancing role instead of driving up land prices and making them unaffordable for a certain section of people.
For this to happen, the government should acquire or use some of its land parcels exclusively for affordable housing to bring parity in the market,” said Sumant Reddy, managing director, India Institute of Real Estate.
“This will attract developers who can make handsome profits while simultaneously passing on the benefits of affordable land availability to end users and investors,” said Anuj Puri, chairman, Anarock Group. He also suggested revision of the category of affordable homes (in terms of price) that are eligible for various government incentives.
“The current Rs 45 lakh limit means that buyers cannot look anywhere within the city limits, but turn to suburbs that lack infrastructure… The government needs to provide affordable housing through public-private partnerships. Funds should also be increased for this,” he said.
Till then, Tanya and others like her will have to rent expensive houses to enjoy the benefits of an ‘urban’ life.
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