The need of affordable housing is immense, and therefore the lasting impact it can wear homeowners and their families is undeniable. Certainly, it fulfils a basic human need for shelter, but it also contributes to the well-being of both parents and youngsters . The low-cost projects give a chance spending decent amount altogether the opposite relevant segments of life. The affordable housing projects have high rate of absorption as there is a lot of demand for the low-cost units.
The Government’s pro-supply and pro demand policies have contributed to the resilience and growth of affordable Housing despite the pandemic. These include continuation of lowest interest rates on home loans, interest subsidy to home buyers under PMAY, and extension of tax benefits. Further, end-users dominating the market, are driving the affordable housing market of lower ticket size. The markets has evolved and due to various factors like WFH culture and more, the youth is showing interest in buying homes
The government had introduced an affordable rental housing initiative looking at the conditions created by the pandemic which is followed by saying that the Real Estate Regulation Act has transformed the dynamics of the important estate sector, and made it more customer-oriented and transparent.
Mr. Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development says, “The things will be back to the new normal, this is just a phase real estate sector is going through and fortunately this time, we all recognize the seriousness and after effects of Covid which is why we’ll overcome it believing that a bit like the last time housing sector will emerge as a performer. But because it rightly said that- ‘Apna Ghar to apna hi hota hai’ because the aftermath of the Covid-19 pandemic situation has established the very fact that owning an apartment is way better than handling the uncertainties of living in rented accommodation.”