NEW DELHI: Capitalizing on the fundamental principle of low margins coupled with high volume, leading real estate companies are now enhancing their portfolios with low-cost residential projects. Prominent players such as Omaxe, DLF, Ansal API, Parsvnath, and BPTP are focusing on the small and mid-income homebuyer demographic, unveiling initiatives tailored to the needs of the average citizen in urban India.
Take, for instance, Omaxe, which plans to invest an impressive Rs 5,000 crore into developing affordable housing in tier II and III cities. “These homes will be priced around Rs 20 lakh. The moment has arrived for developers to venture into the affordable housing market, as there is substantial demand,” stated Omaxe CMD Rohtas Goel. However, the company is still in the process of acquiring land for these forthcoming projects.
Meanwhile, BPTP, which recently secured a significant land acquisition in Noida, is poised to launch its own residential initiatives in Faridabad, aiming for a price range of Rs 40-50 lakh. With a vast land bank of 1,400 acres in Faridabad, BPTP believes it can create housing volumes aligned with competitive pricing.
“Improved connectivity will position Faridabad as a preferred and affordable choice for homebuyers,” remarked BPTP MD Kabul Chawla. DLF, recognized as India’s largest real estate developer, is also rolling out multiple affordable housing projects across various cities, targeting lower and medium income groups.
Prominent markets such as Chennai, Bangalore, Indore, Manesar, and Cochin are in the pipeline for these developments. To provide an example, a 3 BHK in Chennai is expected to be priced between Rs 35-50 lakh, while projects located in New Gurgaon and Manesar are anticipated to start from Rs 45 lakh and above.