affordable housing

Bangalore The gradual economic growth is expected to change India’s income pyramid by creating a sizeable chunk of the middle income segment. This segment is expected to be the primary driver of affordable housing, according to industry analysts. A KPMG Advisory on affordable housing points out that private developers have been aggressively pursuing affordable housing post the economic slump of 2008. Developers have realised the opportunity and need for affordable housing, and have taken several steps to tap the potential. Demand from middle income segment A Knight Frank research on affordable housing estimates that the middle income population in Bangalore will require approximately 3.27 lakh housing units by 2011, which assuming an average unit size of 800 sqft translates to approximately 262 million sqft of residential space. Approximately, 80 percent of this total middle income housing requirement will be accounted for by the Rs 3-5 lakh income segment. As per survey results, this income group prefers property prices in the range of Rs 13-18 lakhs. Affordable housing on outskirts Gauging the rising demand for smaller, yet affordable homes with premium facilities, established builders in the city have announced projects on the outskirts offering homes in the price range between Rs 19 lakhs and Rs 40 lakhs. Improved connectivity linking these far-flung locations to the city centre as well as the development of social infrastructure is creating attractive housing options for homebuyers. Five major residential BDA layouts have been planned around the city along the planned Peripheral Ring Road (PRR). The five layouts comprise Dr Shivarama Karanth Layout, D Devaraj Urs Layout, S Nijalingappa Layout, K C Reddy Layout and Nadaprabhu Kempegowda Layout. Once completed, these layouts together will cater to housing needs of one lakh people. Areas where there is industrial activity are a good bet for affordable housing units. This is primarily because of the vast number of those employed in the industries here which make a potential market. Just the way the IT parks propelled a walk-to-work culture, having affordable homes close to the places of work on the outskirts can make this concept work for a different segment of the employed too. North Singularly driven by the sixlane road to the international airport, this zone is waking up to hectic real estate activity. Peenya, Jalahalli, Yelahanka, Sahakarnagar, BEML Circle, Devanahalli, and Doddaballapur Road will see affordable housing options in the range of Rs 20-25 lakhs. The widened Doddaballapur Main Road and the Hennur-Banaswadi Road are potential locations for affordable housing options in the next two to three years given the availability of large land parcels here. Areas around Devanahalli up to Doddaballapur Road, about 40 km from the city centre, have options in the price bracket of up to Rs 20 lakhs. The upcoming hardware, logistics and warehousing, textile, IT and non-IT SEZs are slated to drive the boom for affordable residences.The Shivarama Karanth Layout has been earmarked along Phase I of the PRR. South The Sarjapur Main Road leading to Sarjapur Village, and the Sarjapur ORR, is where most of the affordable residential property activity is centred around. The emergence of quality social infrastructure, with malls and int e r n at i o n a l schools, has created a mix of both luxury and affordable residential options in the vicinities along these roads.The option of owning a budget apartment is also available in localities near Kanakapura Road, Bannerghatta Road, Hosur Road, Anekal, Jigani, Begur, and Electronics City in the price range of Rs 25-40 lakhs.D Devaraj Urs Layout, S Nijalingappa Layout and K C Reddy Layout have been planned along Phase I of the PRR. East In the east, the Hoskote Industrial stretch on NH-207 is fast-emerging as a budget home belt. With Hoskote becoming a prime logistics and warehousing hotbed, this locality is expected to reign in more employment.Whitefield and Kadugudi are gradually having a spurt in budget residential clusters with established developers homing in on these locations. West Mysore Road, Rajarajeshwarinagar, Kengeri, and Magadi Road have people opting for affordable homes. Along the improved Tumkur Road stretch new industries are setting up bases and hence will fuel the need for budget housing for those employed here. The Kempegowda Layout is slated to be a model one and will be self-sustained having both residential and commercial establishments. All amenities like parks, roads, playgrounds etc as well as educational institutions and healthcare facilities will feature in the layout making it on par with any other township. It is touted to be one of the biggest layouts and will span across 4,814 acres, including 12 villages between Magadi Road and Mysore Road on Phase II of the PRR. Source: http://content.magicbricks.com/affordable-housing-emerging-around-city?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+india-real-estate+%28Magicbricks+Property+Pulse%29 Filed under: Bangalore , Builders/ Developers , New projects Tagged: affordable housing , Bangalore , Knight Frank