And now houses you can afford…

I may have written about this earlier but it’s worth mentioning again.

People keep asking me if this is the right time to buy a house?

My answer is YES

The recession in the realty sector has certainly helped bring property prices down and that has given rise to the new mantra – affordable housing.

That’s exactly what builders today are focusing on. Look up any newspaper and you would find many schemes for 2BHK and 3BHK houses, which are affordable.

What’s more there are builders who have devised newer strategies to sell their apartments especially the ones, which are off the city limits or not easily accessible.

To lure the buyers many not only give proper layout plan of the area around the site but also provide with transport facilities, in case there aren’t many.

There are builders who have promised luxury busses offering pick and drop facilities at nodal points.

The idea is to provide affordable and easy to reach destinations to the customers.

Today’s ET too sheds light on the trend of affordable housing.

Here’s what an article with headline – Affordable housing: New mantra of realty companies says –

With real estate market facing considerable slowdown, a new trend of building affordable houses is emerging in the National Capital Region of Delhi. After Ghaziabad, Indirapuram , Noida, Greater Noida and Faridabad, a number of projects in the range of Rs 20 lakh to Rs 30 lakh for an apartment, have been launched in Gurgaon.

So far, Gurgaon has been known for its luxury apartments. In the last two years, the township witnessed the development of apartments in the price range of Rs 3,500 to Rs 10,000 per sq ft. On top of this, the size of most of the apartments used to be upwards of 1,800 sq ft.

Thus, the cheapest apartment available in the area was priced around Rs 60 lakh. This affected demand in the residential real estate sector here. At the same time, as most builders were into the construction of premium apartments, these properties are in oversupply and witnessing correction in prices.

Once again I would say go for it!