Government efforts for Affordable Housing in full swing

The PMAY scheme in line with the affordable housing plan is being executed seriously by many of the developers and builders. Government push for the plan has also been in news since the inception of scheme. The yet another big news to ease up the prospected home buyers is that the government is extending the interest subsidy on the home loans under the affordable housing subvention scheme till March 2019. The execution of the affordable housing projects is already speaking volumes and on the top of it, the demand for such projects is also being considered high.  Blooming demand for the affordable homes will undeniably give a huge boost to the real estate sector.  Even the industry experts and researchers have concluded that this sector is going to turn the corner within the next five years. According to the experts, affordable housing wing may see a rise of 37 percent by the financial year 2021-22 compared to the present scenario where its 26 percent.  The rankings of experts suggest that the demand for affordable homes has risen four times the existing stock to 250 lakh homes at this period.  The faster uplift in the market is due to the support of government bodies and alterations in the policies of the private firms.

“Affordable housing scheme extension is a positive move as it will create more opportunities for the lower margin groups to look out for homes. The help from the financial institutions will undoubtedly of great help, and ease up the prospected buyers.  Also, the higher demand will naturally give a boost to the execution of such projects making a positive impact on the urbanization as the affordability of homes would be high. The government’s push and cooperation from the private firms have helped the sector to its fullest. Not just the PMAY but the recent amendments assuring laws and transparency have perked up the sector. Being a developer, we expect this progress to enhance further and grow at a faster pace” says Pradeep Aggarwal, Co-founder & Chairman, Signature Global.

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