Keep the prices of houses and flats affordable, Minister urges builders

Real estate companies should offer affordable housing projects to help more people realise their dream of owning a house, Minister for Hindu Religious and Charitable Endowments (HR&CE) S. Ramesh said in Tiruchi on Friday.

Many young professionals and middle-income families were giving up their ambition of owning a home because of the high prices, said the Minister. He was addressing the inaugural ceremony of FAIRPRO 2026, the annual property expo hosted by the Tiruchi Chapter of the Confederation of Real Estate Developers’ Associations of India (CREDAI).

“I am sure that in today’s economic climate, companies can create personal housing schemes that can appeal to those on a lower budget,” he said.

In its 11th edition, FAIRPRO is showcasing building projects by 32 CREDAI member companies in the city until Sunday from 10 a.m. to 8 p.m.

“As Tiruchi is showing a spurt in urbanisation, there is a huge demand for apartment living and integrated townships. This will reflect on the scope of facilities provided by real estate companies to their customers, depending on the price points,” CREDAI Tiruchi president A. Nazrudeen told The Hindu.

Many vendors hoped the basic infrastructure of the city, especially underground drainage and sewage treatment would be able to keep pace with the growth of building projects.

Tiruchi’s booming real estate sector is attracting developers from outside the city as well. “The competition will help local companies to do better, and ultimately, Tiruchi will benefit from the growth,” said William Sturt, business development officer, Morais City.

Rahul of Manoo Housing Promoters said that two and three bedroom-hall-kitchen (BHK) flats starting from ₹75 lakh and peaking at around ₹2 crore were popular among wealthier buyers.

“We are looking at apartment complexes that have integrated facilities for seniors living alone, medical facilities, shops, and schools within the same gated community,” he said.

Home buyers in Tiruchi were opting to invest on flats rather than independent houses because of various lifestyle changes over the years, said vendors. “Adult children prefer their elderly parents to stay in an apartment because it is safe and they also have a better social life. However, the demand for flats has created other challenges for developers. The shortage of labour and rising cost of land and raw materials can affect the completion schedules of building projects adversely,” said Shakila, HR manager of Rohini Housing.