Real estate developer Hiranandani Constructions is looking to enter the affordable housing segment and may enter into a public private partership with the Maharashtra government, a top company official said.
"We are certainly looking at opportunities in cluster/rental housing. Although we haven't started talking to MMRDA (for public private partnership) for low-income housing, internally we have started making plans," Hiranandani Constructions managing director Niranjan Hiranandani told reporters on the sidelines of a conference in Mumbai.
The company is also exploring the markets of Bangalore, Nashik, Panvel, Thane and Pune among other cities for the same, he added.
The Maharashtra government is focusing on the rental housing model and aims to have three lakh flats/tenements ready in the next three-years through the PPP model, government of Maharashtra, additional chief secretary and MMRDA metropolitan commissioner, Ratnakar Gaikwad, said.
Hiranandani said he does not foresee real estate prices picking up at least till about a year.
"I don't see prices rising in the next 3-12 months. Housing demand is expanding rapidly but prices right now are stagnant," he said.
Prices may increase steadily after a year as the market takes away ready products, he said.
"In five years, there would be a 100 per cent jump in demand over that which existed during peak times before the meltdown," Hiranandani added.
Image: Hiranandani Gardens in Powai, Mumbai. | Photograph: Hiranandani website.
