Supply-demand gap for affordable housing in MMR
Real Estate

Supply-demand gap for affordable housing in MMR

Despite considerable demand for affordable housing in the Mumbai Metropolitan Region (MMR), there is a significant supply gap in the low-income category, i.e. houses costing less than Rs 25 lakh. According to a Knight Frank and Naredco report, while demand for this segment is 67 percent, supply is only 22 percent. This is primarily due to the high cost of land, as well as better returns from other asset classes, which makes it unviable for real estate developers to undertake affordable housing projects in prime areas.

MMR registered high demand for affordable housing units with 67 percent demand concentration being registered for units less than Rs 25 lakh. The demand concentration for housing units in the range of Rs 25 to Rs 50 lakh was recorded at 13 per cent and units above Rs 50 lakh at 20 per cent.

The supply of housing units above Rs 50 lakh recorded the highest concentration at 44 per cent followed by units in the range of Rs 25 to Rs 50 lakh at 34 per cent. The supply concentration for housing units less than Rs 25 lakh was recorded the lowest at 22 per cent, clearly showcasing the huge supply gap for urban affordable housing in the region, it said.

Despite considerable demand for affordable housing in the Mumbai Metropolitan Region (MMR), there is a significant supply gap in the low-income category, i.e. houses costing less than Rs 25 lakh. According to a Knight Frank and Naredco report, while demand for this segment is 67 percent, supply is only 22 percent. This is primarily due to the high cost of land, as well as better returns from other asset classes, which makes it unviable for real estate developers to undertake affordable housing projects in prime areas. MMR registered high demand for affordable housing units with 67 percent demand concentration being registered for units less than Rs 25 lakh. The demand concentration for housing units in the range of Rs 25 to Rs 50 lakh was recorded at 13 per cent and units above Rs 50 lakh at 20 per cent. The supply of housing units above Rs 50 lakh recorded the highest concentration at 44 per cent followed by units in the range of Rs 25 to Rs 50 lakh at 34 per cent. The supply concentration for housing units less than Rs 25 lakh was recorded the lowest at 22 per cent, clearly showcasing the huge supply gap for urban affordable housing in the region, it said.

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?