Low Cost Homes in Bangalore
Low cost homes in Bangalore are gaining prominence as more and more people belonging to the economically weaker section are finally having a shelter of their own. The fact that real estate market in India is gradually recovering appears to have very little impact on the Silicon Valley of India – Bangalore.
While real estate market in other major cities like Delhi and Mumbai have already started looking up, the recovery in Bangalore has not been as expected. There are various factors that are responsible for the slow recovery.
Bangalore thrives mainly on one sector
One of the most important factors is that while other cities thrive on multiple sectors and generate revenues from more than one industry, Bangalore is one city which depends largely on the IT sector. And during recession the IT sector was badly hit and is still in a phase of recovery.
Despite the fact that Bangalore is the 3rd largest realty market in the country, it will be wrong to say that the city isn’t recovering. It is undoubtedly doing so but at snail’s pace. This necessitated the construction of low cost homes in Bangalore to avoid stagnation.
Reasons for constructing low cost homes in Bangalore
What led real estate builders and developers construct low cost homes in Bangalore? When the real estate market was in doldrums, the housing market in particular, there were many housing units that were lying idle but there were buyers for the same. This is one problem that real estate developers and builders in Bangalore face. Often the sale of housing units or for that matter office space becomes stagnant. This is where the trouble starts.
In order to do away with these difficulties, a common trend that has increasingly become popular among builders and developers in the real estate market is constructing “affordable homes”.
Making homes affordable for the economically weaker section
Construction of affordable homes was undertaken so that the affordability factor of the consumers could be tapped to the optimum. For instance reports suggest that housing problems are faced in majority of the cases not by the HIG or the MIG, but the LIG segment is one that is deprived mostly.
In an attempt to make homes affordable for the LIG and the not so financially strong segment, low cost homes in Bangalore assumed greater prominence over the years. Several builders and developers are coming up with new projects where you will find homes for people belonging to the Higher Income group as well as for the ones belonging to the LIG or the Lower Income Group.
Low cost homes in Bangalore – how successful are they?
The success of low cost homes in Bangalore can be ascertained by the following instance. A non profit organization in Bangalore known by the name Janaadhar has taken up the responsibility of building low cost homes in Bangalore. It is expected to build as many as 500 homes in the first phase of the project.
The cost of these homes is expected to be around Rs. 5 lakhs. Studies reveal that as many as 55,000 prospective buyers are waiting for many such low cost homes in Bangalore to come up. This indicates that once the project gets completed, the low cost homes in Bangalore are likely to get sold like hot cake.