Thursday, May 16, 2019

Karnataka to Witness Affordable Housing Boom by 2022: Credai Report

Karnataka is set to witness boom in affordable housing by 2022, Confederation of Real Estate Developers’ Associations of India (Credai) said on Wednesday.

Speaking to reporters, here on Wednesday, R Nagaraj, Vice President, Credai- National, said construction of affordable houses on the outskirts of Bengaluru will gather pace, where Namma Metro connectivity is coming up. The areas will include Bidadi, Whitefield near Hope Farm, Chandapura, Mysuru Road, Hosur Road and Sarjapura Road. Here not only connectivity, but also floor space index and government initiatives will also be a factor for the increase in construction and demand, he said.

He said that construction of houses in these areas will range between Rs 45 lakh and Rs 60 lakh and will start by 2020. Construction of houses, where rentals will range between Rs 10,000 to 12,000, will also pick up. By 2020, the real estate market will see further boom in Bengaluru. The new central government will encourage real estate, by reducing the GST on construction materials which will also be beneficial to buyers and the market.

The members pointed that in Bengaluru there was a boom in the commercial segment when compared to the residential segment.

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