“Urbanrise Jubilee Residences” was honoured as the “Best Affordable Housing Project of the year 2018” by Tamil Nadu Real Estate Consultants Association (RECON) during the recently concluded annual conference. Affordable Housing took center-stage in this meet’s focus (held on Feb 4th, 2019) at the TAJ Coromandel. Urbanrise is a brand of the Alliance Group, a successful and leading real-estate developer in the Chennai market over the last 14 years.
Chennai has long been a flag bearer for the affordable housing market in India, registering a trend leading up to 2019 and beyond. These are homes that are priced below the usual Rs. 40 lacs ticket price for a home, whereas most of the current overhang inventory is for homes priced between Rs. 50 lac – Rs. 1.5 cr.
A great push for this segment of housing was brought on by the recent central government policy decisions that reflected in GST based incentives as well as the Pradhan Mantri Awas Yojana (PMAY) – a one-time upfront subsidy up to Rs. 2.67 lacs, and Bank Lending credits (for first time how buyers in designated Urban areas)
While Private Equity investors are betting high on the Affordable Housing market with over Rs. 576 Million investments on this segment in 2018 – which translates to a 15% YoY increase.
Of the 3 Panel discussions held, the first one on Affordable Housing is what held the most interest amongst the participants.