Hous­ing on De­mand

Accommodation Times - - Editorial - By Dr. San­jay Chaturvedi

It will be soon a buy­ers’ mar­ket. Plenty of hous­ing al­ready con­structed and huge stock is com­ing ei­ther from state gov­ern­ment hous­ing boards like DDA, MHADA, AUDA etc or from pri­vate de­vel­op­ers es­pe­cially af­ford­able hous­ing. It will soon be­come House on De­mand just like a phone con­nec­tion which was dearer in 1982 to 1990 but in 2001 a telecom­mu­ni­ca­tion revo­lu­tion had made phone on de­mand, just like that soon it will be House on De­mand. Ac­cord­ing to Ac­com­mo­da­tion Times Ed­u­ca­tion and Re­search Foun­da­tion, plenty of ready stock ly­ing va­cant in the coun­try. It has come to al­most 35% va­cancy from 7 to 8 % in 2002 to 2004. Dr Joshi then MMRDA com­mis­sioner had said in one of the MMRDA re­port that the va­cancy in MMR is 7% to 10% and it will in­crease since hous­ing stock is pil­ing up. Ten thou­sand acres is be­ing put to devel­op­ment mode in Thane, Kalyan, Dom­bivali. Al­most 70000 flats are ready ly­ing va­cant in the re­gion. Sim­i­larly in Va­sai Vi­rar re­gion the va­cancy level is high­est. The re­gion has al­most 11000 flats ly­ing va­cant and al­most 1 lakh in un­der con­struc­tion. In Mumbai lim­its, Kan­di­vali alone is of­fer­ing 4 crore sqft in next three to four years. Ad­di­tional a lakh more flats will be added in Mumbai in next three years go­ing with the cur­rent projects and not ac­count­ing new ad­di­tions. In NCR, a huge stock ly­ing va­cant. Farid­abad alone is hav­ing 10000 flats in­ven­tory in ready pos­ses­sion. Gazi­abad, Gur­gaon will sup­ply an­other 10 crore sqft in next four years with cur­rent de­clared projects. NOIDA is also gear­ing for next three crore sqft to come within three years. So­hana and Kosi also gear­ing for a big sup­ply in the re­gion. Delhi has limited scope though re­de­vel­op­ment is in air and kothi cul­ture is dy­ing in city. De­vel­op­ers are hav­ing al­most 10000 flats in hand for ready oc­cu­pa­tion and more com­ing in next three to four months. Udaipur, Jaipur, Ra­jkot, Ahmed­abad, Su­rat, Au­rangabad, Nanded, Pune, Ban­ga­lore, Chen­nai, Mysore, Hy­der­abad, Kochi, Hubli, Bhu­vnesh­war, Luc­know, Ranchi, In­dore, Bhopal and Gwalior are cities on ex­pan­sion mode and each of them will be hous­ing mil­lion pop­u­la­tion. Ac­cord­ing to re­search con­ducted and data com­piled by the Foun­da­tion, there are one lakh de­vel- op­ers in the coun­try hav­ing 22 lakh fin­ished stock and around 55 crore sqft un­der con­struc­tion. Ac­cord­ing to JLL re­port one lakh thirty thou­sand crore sqft is in un­der con­struc­tion mode. MHADA in Ma­ha­rash­tra is plan­ning to con­struct 5 lakh af­ford­able houses. CIDCO in Navi Mumbai is plan­ning to have 30000 flats in next three years. DDA is plan­ning to in­fuse three lakh homes in NCR, AUDA in Ahmed­abad re­cently added 33000 new hous­ing stock. There are no taker of Gu­jarat Govt flats at Su­rat since last one year. Ma­jor­ity of com­pa­nies listed on BSE are hav­ing easy funds, now in­vest­ing in land and pri­mary mar­ket is very high. Even pri­vate de­vel­op­ers and builders are ask­ing for plots and lands. Cheap pri­vate eq­uity and ven­ture fund avail­able for land ac­qui­si­tion. Gov­ern­ment of In­dia un­der Shri Modi is plan­ning 100 ad­di­tional smart cities. World Bank had funded many af­ford­able hous­ing projects. Pri­vate cor­po­rate also look­ing to con­struct their staff quar­ter and many have started to built th­ese quar­ter. Ev­ery busi­ness house is di­rectly or in­di­rectly con­nected in Real Es­tate busi­ness. Ma­jor­ity of politi­cians have cor­nered land and now wants to mon­e­tise it. In next three years, the sit­u­a­tion will be “Hous­ing On De­mand”.

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