Realty check: Affordable housing is key segment for developers

Mumbai, Jan 16 (PTI) Top realtors have said that withthe metropolis'' population expected to more than double fromthe present 16 million to 33 million by 2030 and the middle-class with a higher purchasing power also likely to burgeon,affordable housing will constitute a key focus segment fordevelopers.

Many leading realty groups are now shifting focus toaffordable housing, a trend increasing in recent times andexpected to accelerate in the coming years.

"Many established developers known for their super-luxury or premium projects are now embarking on affordable andlow-cost housing projects," leading developer MANInfraprojects Director Nikhil Mansukhani told PTI here.

Areas in the periphery of the metropolis such asDahisar, Thane and Panvel will witness a robust demand foraffordable housing, he said, adding his company was planningthree huge projects in these locations.

Affordable housing is poised to take-off rapidly inMumbai and surrounding areas as compared to other locations inthe country, Marathon Group Managing Director Mayur Shah said.

"While the spread of urbanisation will rapid pan-India, Mumbai and the western region will grow more rapidly."

He, too, said that areas in the Mumbai MetropolitanRegion (MMR), which extends to adjoining Thane and Raigaddistricts, would provide real estate developers withtremendous opportunities. "The middle-class in the region willexpand significantly and it will also possess a highpurchasing power," he said. (More) PTI SVS JJ RSY