Spurring execution of Affordable Housing

Affordable housing  as we know has become the familiar concept in the real estate segment. The execution of the affordable housing projects is  already speaking volumes and  on the top of it, the demand for affordable housing  projects is also being considered high.  Blooming demand for the  residential affordable projects  will undeniably  give a huge boost to the real estate sector.  Even the industry experts and researchers have concluded that this sector is going to turn the corner within the next five years. According to the experts,  affordable housing wing may see a rise of 37 percent by the financial year 2021-22 compared to the present scenario where it’s  26 percent.  The rankings of experts suggest that the demand for affordable homes has risen four times the existing stock to 250 lakh homes at this period.  The faster uplift in the market is due to the support of government bodies and alterations in the policies of the private firms. Be it the marked down interest in home loans or enactment of acts like RERA, the overall real estate segment has entered a transformation league which is enabling more buyers to invest.

With the rapid development  the retail projects in Gurugram  there is a noticeable spur in the commercial and residential affordable projects in Gurugram as well.   It all started with the Prime Minister’s initiative to provide housing to all, this initiative is being carried out under the scheme, “PradhanMantriAwasYojana”. According to the government’s Credit-Linked Subsidy Scheme (CLSS), households with income of less than Rs 18 lakh are suitable to go for affordable LIG and MIG housing units under its interest subsidy scheme. As most of the people belonging to the low-income background are still struggling to purchase their own house, there is a huge demand for the affordable housing units. Being the low-cost units, such properties are a new hope for people aspiring to buy the first house. The frequently held meetings by the government authorities try to eliminate the challenges that are being faced by the developers and builders while executing such projects.  Also, there is a clear-cut statement by the experts that this segment is going to be the most established wing in the coming years. The policy makers and the financial institutions have made ample amount of amendments in order to assist the same PMAY scheme.

“The higher demand will naturally give a boost to the execution of such projects  making a positive impact on the urbanization as the affordability of homes would be high. The government’s push and cooperation from the private firms have helped the sector to its fullest. Not just the PMAY but the recent amendments  assuring laws and transparency have perked up the sector.  Not just the affordable housing projects but also the commercial projects in Gurugram would get a benefit  as the whole of this market  is getting  evolved. Being a developer, we expect this progress to enhance further and grow at a faster pace. The assured transparency would create a huge difference in the market as it would revive the lost trust of the investors says Pradeep Aggarwal,  Co-founder & Chairman, Signature Global.

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