Builders wake up to affordable housing

Act fast on demand for small homes and offer lucrative deals to buyers

Affordable housing is the buzzword in the real estate market and among property buyers. Interestingly, builders in the city have not only caught put with the increase in demand for budget flats, but also offer lucrative deals. And home buyers are not complaining.
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Builders' offer
According to Hemant Naiknanavare, vice president, Promoters and Builders Association of Pune, developers are allotting 25 per cent of their portfolios to affordable housing.u00a0u00a0

"Earlier, this section was overlooked by developers and only five per cent of property projects looked at budget housing. After, sales dropped drastically between last July to September, developers have cut both cost as well as size of the houses," he said.u00a0u00a0u00a0u00a0u00a0u00a0

Pune builders have fast coped up with a sudden surge in demand for budget flats. "One BHKs have made a comeback and builders have adjusted fast and launched schemes in February, the inquires for which started in March," said Ravi Varma, president, National Association of Realtors India and chairperson, Estate Agents Association of Pune.

"The budget of an average property buyer in Pune is anywhere between Rs 10 to Rs 12 lakh and flats in this range are being sold out," said Vinay Phadnis, CMD, Sahil Group.

Customers satisfied
Buyers going for affordable housing are satisfied with the deals offered by realtors.u00a0u00a0

Raj Bidkar, a customer support associate with WNS, booked a flat near the Karjat highway last month. "The prices have come down from Rs 2,800 per sq ft to Rs 2,200 for a 670 sq ft 1BHK flat. The builder negotiated and even offered concession," he said.u00a0u00a0u00a0
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Dr Monica Suryawanshi said the 1BHK flat on Sinhgad Road was just what she was looking for, "After surveying Pune for a flat which would fit my budget of Rs 15 lakh, I found a good flat and the quality is good."