Kochi-based Skyline Builders, which has completed 25 years of operations, is aiming to realise 50 lakh sq ft built-up area in the next five years for an investment value of ₹2,500 crore.

Since its inception in 1989, the company has completed 134 projects across 10 cities in Kerala with a built-up area of 1.3 crore sq ft, K V Abdul Azeez, Chairman and Managing Director, said.

According to him, Keralites dream of owning a house has been replaced by the apartment concept, which is fast catching up in the state due to high prices of land and space crunch in several areas. Considering the demand and land scarcity, vertical development is the only solution to meet the housing requirements of people even in Tier I and II areas.

Of late, there is a paradigm shift in the clientele base from NRI’s domination in buying flats to 50 per cent demand arising from local customers. However, fluctuation in interest rates coupled with skyrocketing of prices for construction materials, including labour and various forms of taxes, has really put a burden on customers, leading to increase in apartment prices, he said.

Housing, he said, is the basic necessity and the government should extend all tax incentives in line with the concessions given to special economic zones to make it affordable to the majority.

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