Asset Homes, the Kochi-based builder, has announced five new residential projects worth ₹500 crore, under which 900 dwelling units with a total area of 10 lakh square feet will be constructed in the next three years.
This includes a ‘Selfie’ residential complex at Thiruvananthapuram, ‘Down-To-Earth’ at Kottayam, ‘Young at Heart’ at Kochi and ‘Exotica’ housing projects at Kannur and Kozhikode. Besides, another 22 projects coming up in Thiruvananthapuram, Kollam, Kottayam, Ernakulam, Thrissur, Kozhikode and Kannur are under various stages of construction, Sunil Kumar V., the company's Managing Director Sunil Kumar said.
Asset Homes has so far handed over to owners more than 5000 dwelling units under 67 housing projects in the luxury, residential categories. The construction of the residential complex at Thrissur under its 68th housing project ‘Asset Precious’, is nearing completion. Noted film actor Prithviraj will inaugurate it on December 28. The 69th ‘Asset Rangoli’ project coming up at Maradu, Ernakulam, will also be completed soon and handed over to the owners on March 27, Sunil Kumar said.
However, Sunil Kumar added that the construction sector is facing a huge crisis following the increase in raw material prices from cement to tiles which has led to the rise in construction cost by ₹350-400. Beside the move to stop the extension of the GST input credit to builders has made the situation worse, he said.
If the circumstances do not favourable, he said the builders will be forced to increase sale prices per sq ft by ₹800-1,000. Both the Central and State governments can do a lot to tide over the crisis. In the real estate sector, the sale price should not be thrust on the builders but pricing should be as per the prices of the raw materials, he said.