Get benefitted from PMAY

As we all know that the initiative by the Prime  Minister to provide affordable housing to all has been much appreciated and is being worked upon by the developers.  It has been a motive by the government to provide an own house to all the sections of the society so that nobody remains homeless. The Pradhan mantra Awas Yojana was launched in June 2015 and the execution of the same has been speaking volumes since then. There have been amendments and enactments regarding the policies related to the real estate sector so as to offer the appropriate climate to the affordable housing segment.  There are many private and financial firms that have been taking productive steps in this direction. The reduction of home loan interests by certain banks has given a major ease up to the people still struggling to purchase their first own house.  The developers and builders of the nation have been working hard to make affordable housing units ready before time but due to certain challenges, some states lagged behind. In order to deal with such challenges and situations, the government further made amendments in real estate related terms so that the execution could get a boost. The PMAY policy is entirely dedicated to suffice the needs of a common and middle-class section that cannot afford high-priced housing. There has also been noted an increased rates in the sales of affordable housing units.

The affordable housing projects have been benefitting the larger strata of the population thus giving high growth hopes to the real estate sector. 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 affordable housing projects in Gurugram have emerged as a source of relief for the people who couldn’t purchase an own house. Indeed it’s a beneficial step as we being a developer would be sufficing the basic needs of the people and market goes smoothly when we understand the need of our consumers and come with projects accordingly. Affordable housing is not just a benefiter for buyers but also for developers like us who pay special attention to the needs of the majority and contribute to the easily affordable units” says Pradeep Aggarwal,  Co-founder & Chairman, Signature Global.

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