Wasiq Husain, President CREDAI Bhopal
Notwithstanding the sagging Indian residential realty sector, Bhopal has withstood and registered a positive growth, being it is mostly a user-driven market, according to Wasiq Husain, President CREDAI Bhopal.
This is despite the fact that, other surveys like the one from ASSOCHAM has painted a sordid picture and said investments in the sector from various public and private sources in Madhya Pradesh (MP) have declined at a compounded annual growth rate (CAGR) of 29% in past four years.
Excerpt of his telephonic conversation with Sandeep Pattnaik of Gharabari.com.
Q.1. How do you see the Residential realty scenario in Bhopal at a time when there is overall sluggishness in the sector across India?
A. As per the National Housing Bank's residential property price index called 'Residex', Bhopal has witnessed a growth of 1.75% in the residential realty market in Q4 FY'15 [Q-o-Q] basis, in terms of sales of residential properties and also growth in the pricing front. The demand-supply equation is almost balanced keeping in view Bhopal is a user-driven market. There is no such case of piling up of housing inventories here.
Q. 2. How the state is poised to meet the growing demand for affordable housing, with a mission 'Housing for All' by 2022?
A. Most of the builders here are investing in Affordable Housing segment, which has a good quantum of demand. Specific data I am unable to share right at the moment.
Q. 3. Which of the cities in MP do you think will be fit into the smart city criteria as prescribed by the Union Govt?
A. Union Govt has already declared Bhopal as a smart city. The modalities or criteria to fit into the criteria laid out for a smart city are in the initial stages of discussion. Among other cities, Indore is the next preferred choice to be included in the list of probable smart cities in state of Madhya Pradesh.
Q. 4. Ho do you see the trend in Commercial Realty space there?
A. Commercial realty market is not so matured in Bhopal. There is little interest from developers to invest in this space. However, developers like Gammon India have already shown their interest in developing commercial real estate assets like malls, office buildings etc in this tier-II city.
Q. 5. Which are the prime issues faced by the realtors in the state? What are the suggestions from Credai Bhopal to the State Government?
A. The most vital issues realtors face here is the delay in various approvals required for construction of projects. CREDAI, the apex realtors body has urged the state government for rationalization of permissions through on-line clearance of proposals and speedy approval through single-door mechanism.