City property market getting budget wise,

News Posted - 2010-01-08

Dassera, this year, the property market experts are positive, will usher in good news for them. Several players from Navi Mumbai have ensured that they get maximum business on this auspicious day.
This year, the property players are banking on affordable houses, developed for the middle class along the city fringes. To top it, they are also planning several innovations like offering discounts and freebies. Panvel, Kalamboli on the fringes are offering affordable houses that experts feel will an instant hit.
“Budget homes here will always be an evergreen concept,” says M Nagrajan, MD of Emkayen Realty Pvt Ltd. He adds that while luxury homes are being bought only by the financially well-off, budget homes are fast moving with the middle-class. “The situation in Navi Mumbai is quite conducive for budget homes. In the last 8 months, we have got many queries for budget homes and the sales have also shot up considerably,” he says.
Vipin Thapar, CEO of Swaraj Builders and Developers, says that the focus these days is on budget homes that are located near the stations. “Those who already have a home will always look for budget homes as an investment options and also those new to the city are looking at the moderately priced homes located on the fringes of the city.”
Harsh Vig, of EV Homes Construction Pvt Ltd adds, “With ample options available, the city is fast becoming the hub of economically viable housing even for the middle class. The luxury houses and ones with a premium tag within the NMMC area will also be favoured, opine industry experts, but those wanting a second home are also going for these ranges. There is a future in this front,” he said. Rajesh Prajapati, MD of Prajapati constructions Ltd also agree. “Several 1 BHK flats in the price range of Rs 20-30 lakh promise to be selling fast this year,” he said.
Analysts agree that budget flats are an instant hit with buyers. “My project in New Panvel is located 2.5 kms away from the station. Still the 180-flat complex with 1 and 2-BHK options costing Rs 20 lakh is fast selling,” says Nagrajan.
Vig adds, “This year, budget houses in Adai and Usarle will also” find a market. The city shows a lot of potential as many civic infrastructure projects are being planned for these areas and post-correction in prices after recession, the area shows a lot of promise,” he opined. Source: afternoon voice