Housing For All, A Dream That Might Come True Soon

Housing for all has remained an elusive goal in a country which is seeking to become a global economic power. The current economic crisis offers an opportunity to turn this dream into reality. The slump in realty, created by the global economic slump, has already driven many developers to increasingly look to build affordable houses for the lower and the middle income group. Several leading real estate companies have rolled out plans to build what they call no-frills houses, which could cost Rs 15-30 lakh for a two-bedroom accommodation in cities like Delhi and Mumbai. Omaxe plans to build 6,000 to 8,000 "affordable" flats, costing between Rs 12 lakh and 25 lakh - across 10 cities, including Delhi, said chairman and managing director Mr. Rohtas Goel. Mumbai-based Acme Group will come up with houses in the range of Rs 2,500 to Rs 4,000 per sq ft in Thane and Goregaon next year. In Bangalore, Sobha Builders is "looking at providing Rs 30-lakh houses," said Mr. JC Sharma, managing director of the company. Besides that, government-run agencies like the National Building Construction Corporation and Delhi Development Authority also have similar projects in the works.
3 Jan 2009 Hindustan Times