News Point: Xrbia Developers claims to be on its way to reach a target of US $1 billion in sales by the end of 2017.
Having sold 6,776 houses in the last 3 months, Xrbia is aiming to launch 24 projects in this fiscal, amounting to 50,000 houses worth INR 10,000 crores. Xrbia is already witnessing sales of 2,000 homes per month, whose volume has been partly attributed to favorable government policies such as the Pradhan Mantri Awas Yojna (PMAY) Scheme that provides a credit linked subsidy of INR 2.43 lacs to home buyers purchasing residences below 60 sq. meters.
The subsidy of INR 2.43 lacs for the standard affordable house is also equivalent to 30% discount on a standard house offered at Xrbia’s Vangani, Badlapur housing project. This has significantly dropped the costs of buying a house and expanding the possibilities of homeownership to a greater number of individuals and families.
This trend has been further supported by Xrbia’s ‘No-Income-Proof’ home loan scheme, which enables applicants to apply for finance without income proof documents, opening demand from the untapped informal sector.
In a significant step in launching center city projects in Pune in March, Xrbia plans to launch projects in Balewadi, Dhanuri and Market yard. In the next quarter, 3 new projects are set to be launched in Ghatkopar, Kandivli and Thane, the latter of which will be an extensive project covering 60 acres of land.
Xrbia’s predicted sales growth is reinforced by long-term market trends. For instance, established patterns in housing demographics, most notably urbanization, population growth and decreasing average household sizes are predicted to increase the real estate market as a whole by 11.2% by 2020, and put significant pressure in the affordable sector in particular.
By 2022, demand for an additional 90 million housing units is predicted. Xrbia has established themselves as the undisputed sector leader in the below 20 lacs market space. Combining the advantages, Xrbia has developed across construction, branding and maintenance, the company’s sales target of 2017 takes them one step closer to their goal to build 100 Smart Cities by 2030.