Middle class chase elusive dream of buying affordable homes

Rapid unplanned development and high real estate prices, triggered by a boom in migrant population, has left the middle class in this former French colony chasing an elusive dream of finding affordable homes.

With assured power and water supply, investors both from within Puducherry and abroad opt to invest in real estate. Those in the IT sector in bigger states also invest in immovable properties here.

The salaried class too are buying property with loans from banks though rental income for their investment is not sufficient, officials said. However, prospective buyers find no homes available for less than Rs 40 lakh in areas even outside the boulevard limits. Even those opting to go in for plots have to contend with smaller sites, down from 1800 square feet to 1200 sq ft.

Apartments have gained momentum recently in the city which once prided itself in having individual or separate homes.With rise in flow of migrants, demand for plots, houses or flats has increased manifold, the officer said. Green cover is fast becoming a thing of the past, with vast tracts of land on the Puducherry-Cuddalore stretch being converted to residential plots or houses.

Leading business concerns and jewellery shops have also set up business in the town. Old buildings have been converted into palatial premises housing jewellery shops, garment sales units, hospitals and other business activities.