Target middle, lower class, Jaipal Reddy tells housing industryDecember 19th, 2008 - 11:39 pm ICT by IANS
Chennai, Dec 19 (IANS) Union Urban Development Minister S. Jaipal Reddy Friday called on the real estate players to shift their focus from the rich and higher-middle class to the middle and lower class people who possess greater potential for the industry.”Real estate players who have been concentrating at the top of the market pyramid should now shift their attention to the middle and bottom of the pyramid to tap the huge potential,” Reddy said at a seminar organised by Confederation of Indian Industry (CII) here Friday.
“The price correction in the real estate sector should be considered as an opportunity by the developers in providing affordable housing solutions to the masses,” he said.
He also said the central government would give its formal clearance to the Chennai Metro Rail Project in the next two weeks which is estimated to cost Rs.146 billion (Rs.14,600 crore) and also to the desalination plant near here at an outlay of Rs.9 billion (Rs.900 crore).
Speaking at the seminar, Parithi Ellamvazhuthi, Minister for Information of Tamil Nadu, said the increasing urbanisation and the shifting of rural masses to larger towns and cities have resulted in implementing schemes to provide affordable houses in large cities on continuous basis.
R.Sellamuthu, commissioner of state housing department, said there is a shortage of around 25 million houses in big cities and towns because of urbanisation.
The state government is promoting affordable housing schemes through Tamil Nadu Housing Board at an estimated cost of Rs.20 billion (Rs.2,000 crore), he informed the gathering.