The term affordable housing refers to residential housing units that are affordable and reasonably priced for those who fall under economically weaker section or middle-income groups. In a developing country like India, affordable housing is a boon for those who plan to buy a house. Affordable housing can accelerate the growth of fast-increasing Indian real estate market. If the last five years have indicated something, it is that affordable housing in India has been the biggest contributor to home sales. Whether it’s metro cities like Delhi, Bangalore, Mumbai, or smaller cities like Indore, Bhopal, etc., affordable housing demand is on the rise since the past few years. With the basic objective of affordable housing remaining the same, sellers and builders are targeting this section of the residential market. Keeping it as a priority, governments are also launching schemes and leaving no stones unturned to meet the goal ‘Housing for all’ by 2022. Housing for All’ by 2022 or Pradhan Mantri Awas Yojana (PMAY) in India
Launched in 2015 by the government of India which aims to provide 20 million affordable housing units for the low and middle-income group by March 31, 2022. It has two subsets:
Need for affordable housing in India India, being one of the most populous countries in the world and its population growing at 1.3 per cent per annum, has paucity for housing. As estimated by Economic Times, India has a shortage of nearly 4 crore houses and is constantly increasing by 1 crore houses per year. This estimate highlights the importance of housing in India. Migration is one of the causes which has made affordable housing all the more essential, affordable homes can cater to the needs of people. Tax relaxation of up to 100 per cent for developers on building affordable housing projects has also given an impetus to build more projects under this scheme, increasing the opportunity for more people to afford their homes. Advantages of Affordable housing As mentioned earlier, real estate developers are given incentives in many ways by the government of India, to build more and more affordable housing units. Government is also offering home loans at a low-interest rate with increased subsidies. If you’re working and have an annual income above the criteria set by the government, you can get up to 100% home loan with up to 20 years of payback time. Not only that, but the buyers, who fall under the scheme will also only have to pay just 1% GST on the purchase of a new house. Future of Affordable Housing Affordable housing has the potential to expedite the growth of the Indian economy by boosting real estate marketing and infrastructure. It also offers to generate capital investment up to Rs 1-1.25 lakh crore per annum incrementally. Not only that, but it also promises to increase employability by creating 27-34 million jobs and incentivizing the growth of GDP in a significant way. The affordable housing plays a significant role in boosting India’s economic growth. Employment and Housing are two of the major sectors hindering GDP growth. Affordable housing addresses both.
1 Comment
|
Details
Urbanization of Delhi NCR and Affordable HousesAs per 2011 census, the urban population in India is increasing at a rate of 2.8% per year. The increasing concentration of people in urban areas has led to the problems of land shortage, housing shortfall, congested transit and has also severely stressed the existing basic amenities such as water, power and open spaces of the towns and cities. Haphazard urbanization has forced people in Middle Income Group to live in slums for years. Housing companies were mostly involved in luxurious housing for better premiums and profits and government was providing affordable housing for only economically weaker sections of the society till now.
But recently, the scenario is changing. With the advent of innovative ideas and newer technology, developers are changing the definition of affordable housing in Gurgaon. “Affordable” is a relative concept with several implications in different income groups. Whereas, previously it was associated with economically weaker sections in want of roof and security. Today, it’s a whole new segment in the real estate industry catering to needs of several income groups. With government providing subsidies for Middle Income Groups, the dream of a home for the fence-sitters is becoming a reality. Also, in a step to fulfill the Prime Minister’s vision to provide “Housing for All” by 2022 the private players are now becoming active to provide residential houses in Gurgaon for office goers in Delhi NCR. The people who were paying heavy rents in Delhi NCR can opt for a house which is affordable according to their pocket with a convenient EMI. Affordable Housing – a key growth driver in realty sector of Delhi NCR can be broadly defined on four parameters: Minimum volume of habitation: As architecture is moving vertically due to increase in population density and shortage of land. Instead of area standard, affordable housing takes in purview volume standard and how to minimize it with expertise in architecture. Provision of basic amenities: Provision of basic amenities such as sanitation, adequate water supply and power to the dwelling unit is crucial while defining affordable housing. Maybe, the housing society doesn’t have a swimming pool or a gym but it is mandatory for the society to be accessible from different part of city especially if we talk about flats in Gurgaon. Delhi NCR being a cosmopolitan area calls for easy access and prime addresses. Also, provision of community spaces and amenities such as parks, schools and healthcare facilities, either within the project or in the neighborhood, are desirable depending upon the size and location of the housing project. Cost of the house: While accessing the cost of a house it is always important to consider the buying cost as well as the maintenance cost. Affordable housing in India has become more desirable after the advent of Real Estate Act as it makes first five years of possession maintenance free. A thought should also be given to the kind of vehicle which is necessary for the accessibility. If the society is too remote higher transportation cost will lead to migration again. Location of the House: Entailing from the points already made above residential projects in Delhi NCR should be well connected to the workplaces, marketplaces and fun centers. The lower land cost may provide cheaper housing possibilities but if housing and transportation costs burn a hole in the pocket of the resident, the possibility to regulate slums and residential colonies to decongest the national capital won’t be possible. Affordable houses in Gurgaon can change the way people looked at townships and residential projects towards a cumulative growth of Delhi NCR. This is a systematic approach which will not only ease the tight realty markets but will also curb the problem of congestion by decentralizing things. The Middle-Income Groups who were forced to compete with each other for renting scarce homes in the national capital can have an affordable nest of their own. Signature Global is a leading developer of affordable housing with several projects in Gurugarm. The residential projects include Solera (107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). Whereas, brand Signum defines their commercial projects offering retail shops in Gurugram at sector 36, 95A, 93, 103, 71, 81, and 107. For bookings, check http://www.signatureglobal.in/retail. Urbanization of Delhi NCR and Affordable HousesAs per 2011 census, the urban population in India is increasing at a rate of 2.8% per year. The increasing concentration of people in urban areas has led to the problems of land shortage, housing shortfall, congested transit and has also severely stressed the existing basic amenities such as water, power and open spaces of the towns and cities. Haphazard urbanization has forced people in Middle Income Group to live in slums for years. Housing companies were mostly involved in luxurious housing for better premiums and profits and government was providing affordable housing for only economically weaker sections of the society till now.
But recently, the scenario is changing. With the advent of innovative ideas and newer technology, developers are changing the definition of affordable housing in Gurgaon. “Affordable” is a relative concept with several implications in different income groups. Whereas, previously it was associated with economically weaker sections in want of roof and security. Today, it’s a whole new segment in the real estate industry catering to needs of several income groups. With government providing subsidies for Middle Income Groups, the dream of a home for the fence-sitters is becoming a reality. Also, in a step to fulfill the Prime Minister’s vision to provide “Housing for All” by 2022 the private players are now becoming active to provide residential houses in Gurgaon for office goers in Delhi NCR. The people who were paying heavy rents in Delhi NCR can opt for a house which is affordable according to their pocket with a convenient EMI. Affordable Housing – a key growth driver in realty sector of Delhi NCR can be broadly defined on four parameters: Minimum volume of habitation: As architecture is moving vertically due to increase in population density and shortage of land. Instead of area standard, affordable housing takes in purview volume standard and how to minimize it with expertise in architecture. Provision of basic amenities: Provision of basic amenities such as sanitation, adequate water supply and power to the dwelling unit is crucial while defining affordable housing. Maybe, the housing society doesn’t have a swimming pool or a gym but it is mandatory for the society to be accessible from different part of city especially if we talk about flats in Gurgaon. Delhi NCR being a cosmopolitan area calls for easy access and prime addresses. Also, provision of community spaces and amenities such as parks, schools and healthcare facilities, either within the project or in the neighborhood, are desirable depending upon the size and location of the housing project. Cost of the house: While accessing the cost of a house it is always important to consider the buying cost as well as the maintenance cost. Affordable housing in India has become more desirable after the advent of Real Estate Act as it makes first five years of possession maintenance free. A thought should also be given to the kind of vehicle which is necessary for the accessibility. If the society is too remote higher transportation cost will lead to migration again. Location of the House: Entailing from the points already made above residential projects in Delhi NCR should be well connected to the workplaces, marketplaces and fun centers. The lower land cost may provide cheaper housing possibilities but if housing and transportation costs burn a hole in the pocket of the resident, the possibility to regulate slums and residential colonies to decongest the national capital won’t be possible. Affordable houses in Gurgaon can change the way people looked at townships and residential projects towards a cumulative growth of Delhi NCR. This is a systematic approach which will not only ease the tight realty markets but will also curb the problem of congestion by decentralizing things. The Middle-Income Groups who were forced to compete with each other for renting scarce homes in the national capital can have an affordable nest of their own. Signature Global is a leading developer of affordable housing with several projects in Gurugarm. The residential projects include Solera (107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). Whereas, brand Signum defines their commercial projects offering retail shops in Gurugram at sector 36, 95A, 93, 103, 71, 81, and 107. For bookings, check http://www.signatureglobal.in |