Now, independent houses catch the eye of realty developers

Now, independent houses catch the eye of realty developers
The Financial Express, November 24, 2009, Page 19

Preeti Parashar, Chandigarh

With affordable housing being a priority for both developers and customers, a few realtors are focusing on offering low-density housing, a luxurious lifestyle away from cities. Low-density projects will have lesser units in a defined area and will offer an independent lifestyle in which people are willing to pay a large premium for greater space and comfort. Market analysts believe that the in times to come, such a concept will push the market value of the projects. Also, customers looking to own an exclusive space in the outskirts of the city will prefer such projects.

Samir Chopra, director, RE/MAX India, said, “Though affordable housing is definitely relevant in our times, when a majority of the population is middle or lower middle-income group and a growing number of people are looking at a comfortable place to live in. Low-density projects will provide an attractive alternative to consumers who like to own a bigger accommodation at the price of increased commuting.”

One such project- The Empyrean, being developed by FIRE Luxur on the outskirts of Bangalore, has an outlay of $350 million. Approximately 2,100 units will be developed over 210 acre. Om Chaudhry, CEO, FIRE Capital Fund said, “The Empyrean Bangalore has already been launched and has received a tremendous response from the market. This product is targeted towards the mid-income customers, primarily the young, salaried class, who are keen to upgrade from apartments in the city to independent housing on the outskirts.”

He also added, “The Silver Springs Township in Indore, our first investment, is again a low-density development and has only 387 units spread over 51 acre. Such developments offer a better quality of life to its residents.