Much has been talked about the meltdown in US and how India will not be affected much. However in a scenario where the entire world is learning after having a bad fall, India has a chance to adopt different economic strategies without really paying so heavily, thanks to our stringent banking system. The country is springing back to plug the holes as much as reorienting its policies to adapt to the new era. Indian housing sector too is changing its dynamics.
According to Anuj Puri, country head, Jones Lang LaSalle Meghraj India, “India and China represent an economic scenario that has evolved separately and on very different parameters from the economies in most developed countries. It is an emerging economy, with an emerging and maturing real estate market. The fall in demand will prevail for approximately ten to twelve months, but it will not be of a magnitude comparable to that of other countries.”
Under these circumstances according to a report from JLLM in Mumbai the real estate mantra of the current era is middle-income housing. This is where the opportunity lies feel most developers who are now recognising this as the real moneyspinner in the long term. This has opened up the market for investing in mid-priced housing, especially in Mumbai.
It is with the middle to higher income group within the middle class that the investment opportunities lie, as these are the people to whom home loans are available says Gulam Zia, national director, advisory services, Knight Frank India, and developers are now working at making housing available to this group.
Not surprising, considering that in India housing is a primary need and most people are still buying their first homes. In a scenario when there is a severe liquidity crunch world over and salaries hikes are expected to be marginal, the young working couples in the corporates who are the main drivers of housing sector are increasingly looking for affordable housing at easy loans that could be paid off without much difficulty. On the other hand, fund crunch is also affecting the developers and they are increasingly looking for optimising their resources and employing right strategies to find success in their projects.
- Courtesy : www.metroplots.com The Favourite Property Portal for Buying, Selling, Rental & Lease of Commercial and Residential Property in and around Chennai.
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