In a country like India, buying a home is not only a roof over one’s head but it is also the biggest financial security that an individual depends on. Over the last two decades, the demand for homes in bigger cities has grown exponentially with the rapid urbanisation which is gradually leading to mass-scale migration to metro cities. This led to the growing interest of the developers in the affordable housing segment as millennials these days are substituting for smaller units rather than searching for and booking bigger and more expensive real estate projects as they are more affordable when it comes to buying a house.
More and more developers are settling on average unit size of apartments to make them affordable and attract the millennial homebuyers and with the Central government apprehending the need to address the growth of Affordable Housing came up with many policies and subsidies including PMAY (Pradhan Mantri Awas Yojana), the introduction of RERA for better transparency of the sector, reduction in the GST rates, RBI repo rate cut and many such assistance for the same. This created an urge amongst the builders to build more affordable houses and cater to the need to ‘Housing for All by 2022’.
Mr Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder & Chairman – Signature Global India pvt ltd elaborates, “Affordable Housing, proving to be a boon to the millennials, has been providing them with their own homes without digging a hole in their pockets. With the increasing demand of affordable housing, the escalation of affordable housing in the residential segment is re-emerging in the realty market.”