Firms note shift in Indian real estate market
November 27, 2008 by OPPE News
photo credit: woodleywonderworks
Indian investment property firms have begun turning their marketing strategies towards affordable homes hunters, a leading firm has suggested.
Indiaproperty said companies were now coming round to the idea of paying more attention to building and selling more affordable homes.
Analysts have previously said the Indian real estate market has suffered from a deluge of more high-end units which many people have been unable to afford.
Indiaproperty said it had launched a new online section exclusively on affordable housing because of the web’s ability to reach “different market segments”.
Indiaproperty said:
“According to a Planning Commission Report, the urban housing shortage is expected increase to 26.5 million by 2012.
“With the effect of the economic slowdown playing tough, interest rates being high and an adverse sentiment playing against the sector, real estate developers envision a huge demand, especially in the affordable housing category.”
Mr S. Ramakrishnan, chief executive of real estate for Marg Ltd, agreed, saying the change was evidenced by a shift in home loan applications towards lower amounts.
He said purchasers are looking for
“value for money and a great investment at an affordable price, which is not probable in some cities due to high land costs”.
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