Demand for houses in small towns have witnessed a spur in economic activities leading to hike in the rental incomes, examines Vivek Shukla
For three years, Sunil Negi, a banker, has been trying to fulfill his long cherished dream of purchasing a house of his own, either in Delhi or in Bhopal, the city of where his in-laws reside. But his budget of Rs 25 lakh was not enough for his dream to take shape in reality.
But he looked beyond these two cities to make his dream come true. Negi finally zeroed in on a property in Rudrapur, a small town in Uttarakhand. In the process, he has become one of the many buyers who are purchasing houses in smaller cities.
Rudrapur is among a host of towns like Almora, Bhiwadi, Neemrana, Ghaziabad, Haldwani, Meerut, Moradabad and Karnal that have started attracting new home buyers. Such small cities are closer to all the big cities. These cities are responsible for revival in the realty market, albeit slowly. “My budget was very small to buy a house in Delhi or Bhopal. Even a one bedroom apartment was not available in a decent colony. Now, I will own a decent house and also manage to save some money for other investments,” Negi said.
According to Sanjeev Shrivastava, director of Assotech group, their projects in Gwalior, Rudrapur and Bhubaneswar are getting huge response. Developers who are building projects in smaller cities are getting positive response. After the great success of these projects, they are thinking of launching more such projects in other small cities. Talking about Rudarpur, Shrivastava said that as it is closer to Delhi and Nainital, many large companies have set up their units in this town. In these circumstances, it would continue to witness flurry of activities in realty field.
“In places like Meerut, Rudrapur and Haldwani, a two bedroom apartment costs Rs 15 lakh to Rs 18 Lakh. It is within reach for working people,” said Sanjay Shrivastava, a Delhi based journalist, who has recently booked a flat in Meerut. “The main reason for realty development at these places is that metro cities and many big cities have reached the saturation point,” said Devinder Gupta, CMD, global realty consultancy Century 21 India .
“Property prices in larger cities have gone beyond the reach of the middle class. So people are looking at new destinations. Prices are reasonable, where the pace of development is fast and it is also good future investments,” said Gupta.
Experts say that in smaller places, land is still available at reasonable rates. Industries are coming up. There is overall development. Hence, one should not think twice to book flats in small towns. Those fetch good returns.
Sunil Jindal, CEO of SVP builders says, “It is high time that those who only search for their houses in metro cities should think of smaller towns. Even in Ghaziabad, where we have some housing projects, one can buy good house at the cost of less than Rs 25 lakh. The very same flat you would not get less than Rs 50 lakh in Delhi.” Interestingly, rather than the big players, the smaller developers are the ones that are benefiting from the realty boom in smaller cities and towns, which have shown no sign of being affected by the slowdown that has otherwise gripped the country’s realty sector.
“The slowdown is helping us. The big developers are staying away from these cities. They are selling land to smaller players so that they can raise cash for bigger projects in large cities,” said Pankaj Tyagi, director, Bhanu Infrastructures.
According to one such survey by Ficci, next few years would see massive investments in smaller cities than metros and other big towns. Realty companies also know very well that selling their apartments or flats in big cities would be very tough task due to rising cost. That is why they are changing their strategy and moving towards small towns to make it big.
Courtesy:- TOI dt:- 13th June 2009
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