In a candid conversation with Zerodha co-founder Nikhil Kamath, leading figures from Bengaluru’s real estate sector shared their insights on the challenges and joys of running a business in one of the most dynamic markets in India.
Real EstateBengaluruProperty MarketAffordable HousingUrbanizationReal Estate MaharashtraOct 15, 2024
The main challenges include obtaining numerous licenses for each land purchase, dealing with regulatory and bureaucratic hurdles, and managing the high costs associated with land and construction. Additionally, creating affordable housing is particularly difficult due to rising land prices.
Real estate leaders find the process of creating something from a barren piece of land to be deeply rewarding. The transformation of land into vibrant communities and the positive impact on people's lives are significant sources of satisfaction.
Affordable housing is challenging to execute due to the high cost of land. The definition of affordable housing is around ₹45 lakh, but with additional costs, the price often reaches around ₹60 lakh, making it difficult to keep the projects affordable.
Real estate leaders recommend exploring land aggregation and joint development with existing landowners. Using the ₹10 crore as equity and securing the rest as debt from a bank for construction financing is a viable strategy.
The future outlook for the real estate market in India is optimistic. The population is growing, and there is a strong demand for housing. Urbanization is expected to continue, and the demographic volumes are high, ensuring sustained demand for multiple decades.
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