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Indian Real Estate News : Goa
City lights
Source: The Times of India Sep 13, 2016
Buyers need not consider only remote areas to purchase a reasonably priced apartment, they can search for options in the city.

Housing segment that offers unit sizes in the range of 400 to 700 sq ft are fast becoming a good investment option for buyers. Also central government's attempts to encourage first-time buyers to invest in property through tax reliefs and other benefits are pushing realty towards houses in the affordable segment. Houses that are developed or redeveloped to accommodate the rising demand are mostly located in the suburban parts of the city. However, if buyers look closely, they will also get options that are not in the far-flung corners of the city.

Mentioning the basic difference between houses within and outside the city, Surabhi Arora, senior associate director, research, Colliers India, explains, "As the land prices in outskirts of the cities are relatively cheaper, developers provide a little more area with amenities in the same price bracket. Thus, for obvious reasons there is a reduction in the size of the apartment and amenities, to make it financially viable. None the less, now developers and policymakers are realising the multitude of strengths and opportunities in this housing market. It is emerging as one of the growing sectors in real estate sector, primarily due to the high demand and it seems to be recession proof."

As Arora points outs out, these houses will comparatively have a reduced carpet area as against the ones in suburbs, for the same price. But it also has its advantages. Elaborating on some, Somesh Chandiramani, director of Rams Builders, explains, "The biggest advantage of investing in such a home is immediate appreciation of the property. For, prices will certainly not depreciate in areas within city limits. Upcoming areas within city limits have lower guideline value as compared to these areas (but they do hold the promise of growth in the long run). "Also, the existence of a good infrastructure gives it an edge over the rest." As a builder we always analyse hidden values, which will include various aspects of social infrastructure. Within the city, all this is already established. Valasaravakkam, Virugambakkam and Anna Nagar are some areas where you can see affordable units," he adds. Realtors now look at developing houses that are located in the city. S Sivagurunathan, secretary, Credai (also founder of Asvini Foundations), says, "Yes, nowadays we develop average-sized units within the city. In fact, it is mandatory for us to reserve 10 percent of the entire build-up area for economically weaker section (EWS), especially township projects, regardless of the location of the project. Even otherwise, one can find such a house, anywhere starting room 500 sq ft. A 1BHK house in the city can cost up to Rs 35 lakhs." Summing up the trend, Suresh Jain, co founder, Atikramya Builders, says, "Chennai as a city has become vast and continues to expand, and it has led to a lot of real estate activities on the outskirts of the city. City limits have stretched beyond Tambaram and ECR. Potential home buyers can look forward to investing in these houses. But there are also smaller units available for almost the same price within the periphery of Chennai. It depends on the buyer's choice. If it is for a family, then suburbs are advisable, otherwise, they can think of a house with in the city as a good investment option. For single professionals, it is a very good place to invest."
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