Increasing interest rates on home loans have resulted into squeezing of the customer base. Today, a middle class person can hardly think about owning a home through loan options or if he does, he requires to be prepared to break his bank. Close on the heels of metros are smaller cities which are equally threatening to become the costliest in near future.
Talking about the East, Kolkata is one of the fast developing real estate destinations in the country today. It is the better quality of life that the city now offers attracting the buyers. However, comfort never comes cheap. A three-bedroom apartment in Kolkata’s posh New Town is no less than Rs. 20-25 lakh, the same in Bhubaneshwar would go for Rs. 30 lakh and upwards.
A large part of land in Bhubaneshwar is under Government’s control. In majority of areas, it is as much as 70%. Since the remaining part is too little, the developers end up paying whatever the owner asks for a good deal. However, the ultimate sufferers are the consumers who need to bear the entire amount.
Lack of availability of private land to construct housing segments with a spiraling demand for up-scale apartments featuring an array of amenities has made the prices unaffordable.
While a two-three bedroom flat in Chandrashekharpur ranges between Rs 32.56 lakh, a similar flat in Surya Nagar in vicinity to Raj Bhavan costs Rs. 37.25 lakh, in up-scale BJB Nagar could cost anywhere around Rs 35.90 lakh. Unsurprisingly, the rates of bungalows and duplexes are going through the roof. Every home enthusiast seems to have their own woes regarding the sky hitting real estate market and home loan. The increase in either of them pushes a hike in the other segment.
http://www.indianrealtynews.com/category/real-estate-india/page/3/
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