Affordable housing spurring the real estate market



The real estate market has gone  through a transition which has been  visibly boosting  the sales.  Also, the residential real estate market is picking up at a same pace due to the advent of affordable housing projects. With the sanctioning of new laws and steady change the affordable housing market is showing signs of a raised momentum. The government’s adjure to make the sector more transparent and buyer-friendly is finally leading the foreground.

There have been 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.

Reports suggest that the past few years have been an adequate start for the affordable housing projects, the advent of transparency through regulations is sufficing the needs of larger proportion of people. The altered perspective for the real estate industry would strengthen the market.  This would also benefit the market and attract serious investors. People who had been willing to invest in the sector but had cost and assurance related concerns will be able to invest their hard-earned money smartly.  The execution of such benefitting policies has already commenced and hopefully, there are some more lined up for the right time. With quick execution and policy change, the sector will give rise to new parameters and housing styles.  This will also lead the financial institutions to work on lower thresholds which will make new inroads for the home-buyers.  The increase in demand of affordable projects is seen on the real estate portals clearly by the experts. It’s a positive sign for us as we have been focusing on a similar concept since the beginning.

“There used to be a time where in the developers used to run away or charge extra amounts to cheat the buyers. With help of RERA all such fraudulences wont be there in the picture.  People who had been looking for  affordable homes  can  let their hair down and buy a desirable choice as things have changed into their favor  to a larger extent. Affordable housing is a great deal as the investment is really compact and returns would undeniably be advantageous. We have identified the need of a common man and inculcated it in our projects and their locations” says Pradeep Aggarwal, CO-founder & Chairman, Signature Global.

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