Affordable housing and Real Estate in Gurugram

The execution of the affordable housing projects is already speaking volumes and on the top of it, the demand for affordable housing projects is also being considered high.  Blooming demand for the residential affordable projects 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 it’s 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. Be it the marked down interest in home loans or enactment of acts like RERA, the overall real estate segment has entered a transformation league which is enabling more buyers to invest. 

With the rapid development, the retail projects in Gurugram there is a noticeable spur in the commercial and residential affordable projects in Gurugram as well.   It all started with the Prime Minister’s initiative to provide housing to all, this initiative is being carried out under the scheme, “Pradhan Mantri Awas Yojana”. According to the government’s Credit-Linked Subsidy Scheme (CLSS), households with income of less than Rs 18 lakh are suitable to go for affordable LIG and MIG housing units under its interest subsidy scheme. As most of the people belonging to the low-income background are still struggling to purchase their own house, there is a huge demand for the affordable housing units. Being the low-cost units, such properties are a new hope for people aspiring to buy the first house. The frequently held meetings by the government authorities try to eliminate the challenges that are being faced by the developers and builders while executing such projects.  Also, there is a clear-cut statement by the experts that this segment is going to be the most established wing in the coming years. The policy makers and the financial institutions have made ample amount of amendments in order to assist the same PMAY scheme.

 “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.  Not just the affordable housing projects but also the commercial projects in Gurugram would get a benefit as the whole of this market is getting evolved. Being a developer, we expect this progress to enhance further and grow at a faster pace. The assured transparency would create a huge difference in the market as it would revive the lost trust of the investors says Pradeep Aggarwal, Chairman, Signature Global.

Affordable Housing In Gurgaon

Signature Global Real Estate Updates - Affordable Housing in Gurgaon: Affordable housing in Gurugram

Signature Global Real Estate Updates - Affordable Housing in Gurgaon: Affordable housing in Gurugram: Since the policy assuring housing for all has been initiated by the Prime Minister, there has been a major drift in the functioning and po...

Affordable housing in Gurugram

Since the policy assuring housing for all has been initiated by the Prime Minister, there has been a major drift in the functioning and policy making of the real estate sector. The Pradhan Mantri Awas Yojana has persuaded many of the developers and builders to look up to the needs of a common man.  The real estate sector was much more inclined towards the luxury aspect and focusing at the high –cost housing projects. In the middle of the smart city and high-priced projects what made the real estate segment lag behind was the fulfillment of the needs of a common man who could only afford low-cost housing units. Realizing the need of a common man, the government launched the PMAY policy dedicated to the affordable housing.  The aim of the policy is to provide an own house to all the families who have been aspiring for the same for a long time. The initiatives for the affordable housing units are being taken by various states as they have already introduced low-cost projects in their regions.  

 

Not only was the common man’s demand but credibility and transparency had also been at par with the real estate sector that led to the visible crash in the market. Enactment of RERA has been introduced as one way to bring back the credibility and transparency into the sector. The lack of transparency had left many people dubious and reluctant about making investments in the real estate sector. The array of laws and policies supporting the needs of a common man has given developers the opportunity to reach out to more and more buyers and suffice their needs while giving a boost to the market.  Regarding the affordable housing segment, various financial institutions have now introduced low-interest rates on the home loans and other similar benefits for the people going for their first house.  The GST implementation is one such enactment that will enable buyers to know where exactly how their taxes get calculated. The simplified taxation process will let people see the whole of real estate sector as a profitable and dependable segment.  States like Haryana have not just initiated with the affordable housing units but the developers like Signature Global have recently introduced RERA certified projects to make it to the pace of the current market.

The developers keen to launch affordable units have also requested the government to provide some ease in the form of reduced land prices and shared their challenges related to land availability. The authorities of all states have been working vigorously to help out the developers with their challenges.  Most of the developers have realized that they will have to work in accordance with the governmental schemes and public demand so they are promptly coming up with low-cost projects to gear up the market. 

“We have prioritized affordable or low-cost projects realizing the need of majority so we are happy with the fact that authorities from all the states are paving way for such projects. This will enable us to reach out to the other regions with our affordable projects.  As far as Gurugram is concerned, we have been executing easily affordable housing projects in Gurugram are still busy promoting them” says Pradeep Aggarwal, Chairman, Signature Global.

Government pushes state government to adapt RERA

Since the RERA has approached, the experts are seen busy knowing the ins and outs of this regulatory act. It’s mandatory for all the states to inculcate this act as per the government orders. Most of the states have initiated and are busy showcasing their RERA certified projects. However, there are states that are yet to come up with any statement regarding this amendment. Thus, the government has now directly asked all the states to establish RERA in their guidelines. The central government is persuading the state authorities to implement the Real Estate Regulatory Act which is said to turn the corner for the whole of the real estate climate. Without a regulatory act like RERA, the real estate segment is null and void which makes the investors hesitate while coming forward for new investments. The RERA will not allow the unregistered projects to woo the buyers by coming up with convincing advertisements.

“We have recently announced our plan to construct RERA certified projects and hoping to see a positive response from more and more investors and home buyers. We believe that the other developers should also initiate and take a step in line with the RERA as it will benefit them in long run. RERA is being known and promoted as the most credible regulator so it’s a mandate that no developer and state government should ignore. We need to understand it’s more important to bring back the accountability sand trust for this sector and regulations like such would help in achieving the same motive” says Pradeep Aggarwal, Chairman, Signature Global.

Affordable Housing Projects in Gurgaon - Signature Global