Housing on Demand
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”.