AFFORDABLE HOUSING: THROUGH THE LENSES



Real estate icon with house, magnifier glass and check mark isolated on white background

The entire housing landscape in India is going under rapid transformation. Concepts like smart cities, AMRUT and PMAY are further giving it impetus. The road ahead surely seems promising and Government’s mission of Housing For All might turn up a reality in the near future. Talking about the present year, several affordable housing projects have already been started across the country and many others are in the pipeline as the year proceeds. Also the possessions of lakhs of homes are lined up this year. So, all in all the year 2017 will be a good year ahead from Housing for All perspective.

With advancement in technologies, there are various ways being devised in order to enhance the way of working by using various new technologies such as Aluminium Foam Board technology in which both sides of Kapa mount are covered with bleached lined folding box board and aluminium foil. It is therefore water impermeable and has greater stiffness and stability. Other than this aluminium shuttering is one of the popular and great technologies which will soon bring change in the construction industry.

In an emerging country like India, Real Estate sector would need strong hold on its noose, and RERA is that step toward achieving the target. RERA is a comprehensive act working in favour of the entire realty fraternity. The provisions in the act are both buyer and developer centric, thus providing cushion to both. With its absolute implementation, the sector would become more disciplined and organized, reinforcing the credibility of the sector as a whole. Speaking of additional reforms, single window clearance, industry status and a firm land acquisition bill will prove to be the ultimate game changers in India’s real estate scenario.

On the other hand, with GST already implemented across the nation and prices going up post the tax reform, government will have to find out ways of minimizing the effect of this rise on the average Indian home buyers. Banks will have to be pushed to further lower down on their lending rates, ensuring that the end payout remains the same in cases of property purchases. Keeping the affordable housing segment out of GST’s ambit is a good move but measures for the removal of stamp duty charges must be taken into consideration to further lower the burden off the mid-segment buyers.

Commenting on the overall scenario and with the recent rate cut by RBI post RERA and GST, Pradeep Aggarwal, Co – founder & Chairman, Signature Global says, “Implementation of GST has already completed its very first month and a great response can be already observed as the buyers’ queries are increasing day by day. The recent rate cut by the RBI has come at a time when GST and RERA have entered in to a settled phase and the sector is observing a transition where the buyers are increasing their activity and developers eagerly waiting to satisfy the demand. This can bring a major boost in affordable housing segment but with due intervention from the government where in the benefits of affordable housing need to be passed on to the buyers and developers simultaneously.”

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