CLASS CONSCIOUS -The new-found love
Market experts and industry watchers feel that this is one segment where the money is and the segment has been investing a lot in affordable housing schemes both, for investment and end-use purposes. Another reason that is being cited for luring this segment is due to the expected implementation of the recommendations of the 7th Pay Commission soon which will increase the salaries of central government employees substantially. On being asked about the sudden spurt of projects being offered for niche segments especially the governments' officials, RK Arora, chairman, Supertech Limited, said, “Projects are always launched after analysing the demand of a particular market. Presently, affordable housing has the maximum demand. Seeing this demand, a series of affordable housing projects has been launched and still there is huge potential for affordable housing, which is untapped so far. Studying this need for affordable prices, schemes are priced below the market rates and the prices of the project are designed keeping in mind the purchasing power of the targeted segment. Yes, government officials are a big segment now as they have been looking for affordable housing projects and, undoubtedly, they have the buying power and loads and formalities work out easily for them.“
Talking further about the implications of the 7th Pay Commission and government employees investing in real estate, Arora said, “Undoubtedly, it will have a positive impact on the market as this segment of people now will get impacted with the implementations of the 7th Pay Commission and they have been looking for houses, and this will add to the demand in the affordable housing segment.“
Other payers too, feel that this segment and targeted audience is expected to create a lot of demand for affordable housing in the days to come. Explaining it further, Dr Anil Kumar Sharma, CMD, Amrapali Group, explained, “Today, real estate players are majorly targeting buyers from the affordable segment.This is the reason why special offers and discounts are being offered to the government, PSU employees and ex-servicemen in various projects. Exclusive schemes have also been launched for government, PSU employees and ex-servicemen at very affordable prices. Being a former government employee, I understand the need and am working towards fulfilling it.“
Experts also feel that there are reasons beyond just the implementation of the pay commission and targeting a segment which has the money to push the demand. Honey Katiyal, founder and CEO, Investors Clinic Infratech Pvt Ltd, aversed, “Yes this is a segment that has been looking for houses and that too, in the affordable segment.I feel that the real estate players have understood the demand and are making offerings that exclusively cater to this segment. Secondly, I feel that this is one segment which feels comfortable staying with like-minded people and such schemes make them feel comfortable and they feel contended staying in such exclusive projects that are offered for the segment.“
Market watchers expect that many such schemes will be offered for the segment in the days to come.