The Confederation of Real Estate Developers’ Association of India (CREDAI) held its national executives meet here on Saturday. With the demand for flats and houses growing in Bhubaneswar, a large number of builders are entering into the field of real estate business and constructing apartment complexes.
CREDAI national chairman Irfan Razack said rising income levels of the middle class segment has shot up the demand for flats and plots. “Urbanisation is an index of transformation from traditional rural economy to modern industrial one,” he said.
In India, urbanisation can be described as a product of demographic explosion and poverty induced rural-urban migration. The economic growth is also expected to dramatically change India’s income pyramid by creating a sizeable layer of middle class. This middle class segment is expected to be the primary driver for affordable housing. There is shortage of houses in the Smart City of which maximum 90 per cent exists for the EWS/lIG section of society, he opined.
CREDAI national secretary Boman Irani said the share of the land owner is higher in core areas of the city where land prices are high. Here is an investment opportunity to build the Smart City with houses for all the dwellers of the city with affordable cost, he added.