Andhra Bank CMD urges realtors to focus on affordable housing - Times of India

The author has posted comments on this articleSwati Rathor, TNN | Dec 20, 2013, 06.10AM IST

HYDERABAD: State-owned Andhra Bank's newly appointed chairman and managing director CVR Rajendran urged the realty sector to focus on the affordable housing segment as a major chunk of the population belongs to the middle class income group in the country.

"The real estate industry must focus on the affordable housing segment which is the need of the hour," Rajendran said during the inaugural session of 'Estate South - 2013'organised by Confederation of Indian Industry.

He said that south India was emerging as the hottest destination with several MNCs setting up their bases here. "The industry must take advantage of cheaper rates existing in south to build new infrastructure and give good competition to big cities such as Mumbai and Delhi," he added.

Meanwhile, Manjeera Constructions chairman and managing director G Yoganand said, "The rapid growth of the real estate industry in Hyderabad was mainly due to rapid expansion of IT in the region. In coming years, the growth of real estate industry will depend upon the way industry adopts new technology and face legal and legislative challenges."

The two-day conference will deliberate on issues such as challenges of rapid urbanization, impact of the Land Acquisition Bills and Real Estate Bill and the current marketing trends and adoption of innovative marketing techniques in real estate sector.

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