Why developers increased interest in building luxury houses by turning away from cheap houses, knowing the answer to this question
Many in the country People are not able to fulfill the dream of their home even after wishing. The reason for this is that the house is not available in their budget. Despite this, cheap houses are not building developers. The focus of renowned developers across the country is on making luxury i.e. a house worth crores. If you are also looking for a home buyers and the answer to this question, then let us tell you the answer.
Naradco National President G Hari Babu said that the trend of companies from the last few quarters has increased towards luxury and premium houses. There are many reasons behind this change. The first reason is that the demand for luxury category houses has increased rapidly after the epidemic. House buyers are specially looking for better facilities and lifestyle with large homes with high -income people (HNIs), overseas Indians and metros. Demand has also increased in this section due to increasing procurement capacity of people. Second, companies are getting good margin in case of luxury houses. He said that on the other hand, prices in moderate income and affordable segment remain sensitive. Due to high cost of land, affordable category houses have become less attractive for private developers. So they are not building cheap houses.
The highest demand for the house of 50 lakh to 80 lakh
Asked if a large part of the population wants a house between middle income group and affordable housing i.e. Rs 50 lakh to Rs 80 lakh, but the number of projects in this category is not enough, Hari Babu said that yes, this is right. A large section in the country especially in the radius of Rs 50 lakh to Rs 80 lakh, wishes to buy a house. This category meets the housing requirements of the working middle class, which is the backbone of our economy. However, the current supply in the moderate income and affordable category is unable to meet the demand. He said that in its reasons, the cost of raw materials including land, construction material and labor is to be high. Because of this, it is becoming difficult for companies to function in a price range.
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