Affordable housing woos many to Gurgaon in 2015

After the Delhi Development Authority did its bit in 2014 for Delhi in terms of affordable housing, it is time for Gurgaon to take over the baton with the new government in place. Mr Manohar Lal Khattar, honorable chief minister of Haryana, and part of the BJP making it bis across virtually every election on the country is riding a wave of success, but is aware that the need for delivery and expectancy on this government is way higher compared to the UPA regime.

The new government is tapping in builders to promote affordable housing but are blissfully aware that one agency or the government by itself will not be able to fulfill needs and hence are calling on corporate to fulfill their Corporate Social Responsibility via the affordable housing schemes.  the government would pitch in with a share in terms of costs as well, the report in Times of India read.

Affordable housing is attractive, more transparent in the form of cheap pricing and selling on carpet areas and is many a times located in the middle of quite expensive societies. This gives an advantage to the end user in terms of location and pricing, the key factors that decide real estate anywhere.

Over 40 developers had applied for licenses of affordable housing in Haryana, till last heard. It is not the sheer number of developments, but it is the price attraction that will pull many to fulfill their dreams.

As real estate apartments and villas move away from the reach of the common man in general, and with ricing prices, the trend does not seem to deviate as there are still many who can afford the deals. The affordable housing comes as a saver for lakhs of lower middle class and poor families. Affordable housing offers transparency which many are looking at to be changed overall as well. A clear carpet area sold has been in demand for many years now. Low booking fees, and low overall cost will not hamper the present will secure the future for many.

The fact that no hidden charges will be levied will always provided much needed insurances as well. The reputation of many developers has taken a hit after a series of complaints and affordable housing still attracts many a homeless although the need is much higher than the demand.

For a metropolitan city like Gurgaon where a 2 BHK apartment sells for anywhere between Rs 65 lakh and Rs 1 crore, the new policy of the government has brought a shining ray of hope for people of low income groups as they would now be able to buy a 300 sq ft house for as low as Rs 12 lakh through a draw of lots in the scheme. The price for a 645 sq ft flat would amount to about Rs 25 lakh.

As per its terms and conditions, the policy allows developers to construct and sell small housing units — measuring between 300 sq ft and 645 sq ft to the economically weaker section (EWS) and low income group (LIG) category.

The maximum allotment rate for the apartment units approved under such projects will be Rs 4,000 per sq ft of carpet area in Gurgaon, Faridabad, Panchkula and Pinjore-Kalka; Rs 3,600 per sq ft for other high and medium potential towns and Rs 3,000 per sqft for the remaining low potential towns.

This sounds good and as long as the developers are on time as committed, it will be an additional bonus.

The author Vineet is from Capital Tree – the leading real estate consultants for Gurgaon. We know realty better than anyone here. We have grown with Gurgaon and have seen the ups and downs. Call us now to know more about your realty solutions at 0124.4001037 or reach us at http://www.capitaltree.in/contact-us.php