With the Haryana Cabinet’s approval of Amendment in Affordable Housing Policy-2013 Haryana Development and Regulation of Urban Areas Act 1975 for change in Minimum Area Limit, Project Area Limit, Increase in Commercial Component, and Parking Provisions, the Affordable Housing segment is getting a major boost. Following the revised guidelines issued on December 23, 2020, developers will be able to increase the number of units available, and customers who had been putting off booking flats due to a lack of parking space would now be free to do so.
The Affordable Housing component was viewed as the most basic form of lodging, consisting solely of four walls. The lack of a car parking place in the project was an impediment, and the addition of one will boost the segment’s attractiveness. The project can now be up to 30 acres in size, up from 10 acres previously, which is large enough to build a significant number of homes quickly and meet the goal of housing for all. Following COVID-19, tier II and tier III cities gained traction in 2020. The increased size of project in affordable housing would result in a number of initiatives in Haryana’s such cities such as Gurugram, Panipat, Karnal, Dharuhera, and Faridabad. So far, the Government’s initiatives have positively impacted both supply and demand; this was a gift from the State government to the segment, which performed admirably even during the pandemic.
Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder and Chairman – Signature Global India Pvt. Ltd, says, “Despite the fact that affordable housing has the highest demand, many buyers were hesitant due to a lack of car parking space; therefore, with one car parking place to be provided in each project, demand will increase even more. The millennial buyer who was previously hesitant to invest in a project without a parking space will now do so because many of them see the value of owning a real estate asset, and affordable housing is the most convenient option for them. Another plus is the expansion of the project’s commercial sector, which will mean higher profit margins for developers suffering with low profit margins,