The global recession had forced developers to enter the affordable housing segment. However, low margins and the subsequent economic recovery have made the industry shift its focus to high-end projects. During the slowdown, developers were gung-ho over 'affordable housing' projects. But as soon as there were signs of revival in the economy, the focus promptly shifted to the luxury segment, with plans to meet the housing needs of the low- and middle-income groups being put on the backburner. Mr Pankaj Kapoor, founder and managing director, Liases Foras, a real-estate rating and research company, said, "It was a seasonal gimmick played by all the developers. In 2008, there was a scenario where luxury was in fashion. Developers were making high-end flats but they were not finding buyers and soon they found themselves with acute shortage of money and a surfeit of debt traps. All builders then went gaga over affordable housing; but that has also faded over time. In less than six months, everybody changed their plans and moved to the luxury segment."
8 Sep 2010 moneylife.in
8 Sep 2010 moneylife.in
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