press meet in Bhubaneswar
BHUBANESWAR: To meet the ever increasing demand of affordable houses, Credai Orissa, a body of real estate developers, is considering construction 0f 5,000-6,000 houses for lower and middle income groups in the next 2-3 years.
Speaking on the sideline, Of a press meet to announce the forthcoming Property Expo2013, president of Confederation of Real Estate Developers Association of India's (Orissa chapter) Binay Krishan Das, Monday; said, "There is a huge demand of LIG, L-MIG, MIG and EWS category houses in urban areas of the state. But there exists a mismatch between demand and supply"
The affordable houses meant for lower, lower-middle, middle and economically weaker sections of the society would be built over 4()0700 squam feet area with price tags ranging between Rs 8 to 15 lakh.
Denying that there is slowdown in the state's real-estate sector, he said, market has reached its saturation point in luxury 5- apartments and houses for higher income groups, but there is abundant scope in other categories.
"The need of the hour is to explore the un-tapped potential of affordable houses. More than 70 per cent of the state's buyers fall in this category" he added.
Divulging Credai's future plans in Orissa, he said, "We aregoing add more than 11,000 houses in the next couple of years. In value terms, houses worth RS 8,000 crore are wider various stages of construction and of 6,000 crore are proposed to begin in next 2-3 years."
The Property Expo orginised by Credai every year aims at providing a common platform to both property buyers and developers under a single roof. This year the exhibition will be held between November 8 and November 10 at Janata Maidan in the city