Unlike prior practice when premium housing catered to high-end customers and affordable segment use to be for low-income consumers, now realtors have embarked on a middle premium affordable segment. Now builders have been generously using the affordable tag for quite some time, said chairman of ANAROCK Property Consultants, Anuj Puri. Recently, the Embassy Group, which had traditionally focused on the high-end segment, forayed into the premium affordable housing space with its Embassy Edge project at Devanahalli near the international airport in Bengaluru. In the project, the apartment carries a price tag of ₹3.6 million to ₹8.1 million. Similarly, Puravankara recently launched its first premium affordable housing project post implementation of Real Estate (Regulations and Development Act) with ₹2.7 million to ₹5.4 million. Ministry of Housing has decided affordable housing on the basis of property size, price and buyers income. An affordable house meant for the economically weaker section must measure between 300 and 500 square feet and should be priced below ₹5,00,000, with a monthly EMI of not more than ₹4,000-5,000.
📅Published on:
21 July 2018
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