A recent state government lottery for about 4,000 low-cost apartments in Mumbai drew more than 430,000 applications, underlining the need for affordable housing in a country where housing is also a top election issue.
Political parties of all hues have seized on affordable homes as a vote getter in Indias ongoing general election, plugging in to the frustration of millions priced out of a real estate boom fuelled by a robust economy and a six-year bull market.
Developers too, stung by the credit crunch and sagging demand for offices and premium residences, have turned to a middle class segment that may be more immune to the economic slowdown.
More : livemint.com
Send an E-Mail for mumbai Property Enquiry!
Related News from Mumbai
Govt’s cheap homes agenda brings cheer to realtors
Residential property prices have fallen by at least 25per cent in certain markets, but demand lags still. There is a hope though: the governments push for affordable housing. The Lodha Group, a property developer in Mumbai, specialises in luxury projects and has launched a project in Thane at Rs 2,997 per square foot. The group plans to invest Rs 2,500 crore in various projects by March 2010. About 20 per cent of this amount will be spent on affordable housing. Government encouragement for affordable housing projects will be a big boost for developer, says Abhishek Lodha, director of the Lodha Group.
Mumbai builders in a fix as parties seek donations
They are known to be the largest source of funding for politicians. But with elections barely a month away, Mumbais builders are in a bind as fixers and agents representing political leaders from various parties have started calling them up for money. The slowdown in the real estate market has put them on the backfoot this time—many builders are staring at a liquidity crunch with their projects witnessing meagre sales over the last six months. In off-the-record conversations with this newspaper, some of the citys leading developers confided that politicians and their cronies had made unreasonable demands for funds at
Property fair in Mumbai
The Maharashtra Chamber of Housing Industry (MCHI), the association of real-estate builders and developers are to conduct Property 2009, touted as the largest property exhibition of the season in Mumbai between April 9 and 12. According to a press release from MCHI, the fair will offer the best opportunity for every home buyer. This mega exhibition will be on at the MMRDA Grounds, Bandra Kurla Complex, between 11 a.m. to 8 p.m. Property 2009 will be a one-stop destination offering a wide range of affordable properties to suit all budgets. Lifestyle residential properties, budget homes, second homes, commercial properties ranging
City builders in a fix as parties seek donations
They are known to be the largest source of funding for politicians. But with elections barely a month away, Mumbais builders are in a bind as fixers and agents representing political leaders from various parties have started calling them up for money. The slowdown in the real estate market has put them on the backfoot this time - many builders are staring at a liquidity crunch with their projects witnessing meagre sales over the last six months. In off-the-record conversations with this newspaper, some of the citys leading developers confided that politicians and their cronies had made unreasonable demands for
Mahindra Lifespace plans affordable homes in Nagpur
Real estate firm Mahindra Lifespace Developers Ltd, a subsidiary of auto maker Mahindra and Mahindra Ltd, is the latest to join the so-called budget housing bandwagon as more buyers shun pricier projects for affordable homes. The firm, known more for its of high-end projects, particularly in Mumbai, is building 1,500 apartments in a special economic zone (SEZ) in Nagpur, with price tags of less than Rs3,000 per sq. ft, said Pawan Malhotra, chief executive of Mahindra Lifespace. The SEZ is part of an international airport that would function as a cargo hub, and includes a 25-acre residential project. SEZs are economic enclaves