Affordable housing as significant potential



There is no doubt to the fact that the demand for the affordable housing is growing at a faster pace. Decent, affordable housing has been important to most of the families. The basic need of getting a shelter for the living is fulfilled by the same.  The low-cost projects give an opportunity  spending decent amount in all the other relevant segments of life.  Even the reports suggest  that children in stable housing tend to do better in school and are less likely to experience disruption in their academics and career. India already has a housing shortage of 2 crores and the reason behind this being the lack of affordability factor in the properties. The affordable housing projects have high rate of absorption as there is a lot of demand for the low-cost units. The affordable housing factor is going to benefit as the land cost is going to be  lower in the areas where affordable housing has totake place. The developers should bring projects according to the need of buyers and investors.  It’s quite clear that there are  people who are still aspiring for  own houses  so the developers should work in the same direction to maintain a consistency in the market.  According to the reports, 1.77 million people are still homeless in India and most of them are relying on the rented properties.  The statistics clearly show that there is a high demand for housing units and preferably these housing units should be easily affordable by the majority. The demand for affordable housing projects is rapid says the industry experts.
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 states like Haryana that have appeared as more influential when it comes to affordable housing projects. With small-scale down payment it has become possible to book a home for the buyers. Also, the advent of RERA,  is regaining  trust of investors for the developers and overall real estate sector. According to RERA, the  developers can now sell homes only on carpet area basis, unlike earlier times  when homes were  sold on super area basis, with loading varying from 25-40 per cent.  The newly enacted laws are going to benefit both the retail project s in Gurugram including the affordable housing ones. 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 people are now having ample options, as there are many affordable housing projects available for them. Going for a low-cost property is still a better option as compared to the rental living. For these reasons, communities should work ensure that  they go for the right property so that they are able to suffice their other financial needs as well” says Pradeep Aggarwal, Co-founder & Chairman, Signature Global.

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