The realty developers in the city are focusing on building more affordable houses which will sell off quickly. The recent projects of the real estate developers which were in the range of Rs. 5-15 lakh only were a hit among people for its so low cost. The property funds which were away from the realty sector since the time of global economic downturn are making a comeback primarily to include low cost housing projects. According to Mr. Naresh Nadkarni, chief investment officer, HDFC realty fund a year ago the property funds were eying iconic towers and exclusive hohttp://www.blogger.com/img/blank.gifuses but now they are focusing on the low and middle income houses as the demand of the day is affordable homes. The project so initiated will have around 4,000 homes in the range of Rs. 10-20 lakh each. Puravankara, another real estate company launched a similar project in Chennai.
Real estate developers like Puravankara and Tata Housing Development Co. Ltd have initiated low-cost budget houses after a failure experienced by many other developers by launching projects in range of Rs. 30-60 lakh. Out of the total investments made in the year of 2008, almost 70% was made in the first half of the year. Real estate funds made 77 investments worth around Rs. 39,984 crore in property companies in a report by Venture Intelligence which tracks venture capital and private equity (PE) deals in the country.
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