India is widely piped to become the world’s third-largest economy by 2030, as the government is giving a strong push to the affordable housing segment it seems clear that the segment would remain as the focal point for the emerging real estate industry. Recently, the Confederation of Real Estate Developers’ Association of India or CREDAI – had announced the launch of 375 affordable housing projects across the country with an investment commitment of Rs 70,000 crore. Also, as the affordable housing segment is getting infrastructure status, developers are working overtime to tweak existing projects and convert them into affordable housing projects. The rolling out of the new Goods and Services Tax (GST) regime from July 2017, a major differentiator between markets has been done away with. An integrated national market will help the real estate sector by way of a common indirect tax structure.
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 states like Haryana that have appeared as more influential when it comes to affordable housing projects. With small-scale down payment it has become possible to book a home for the buyers. Also, the advent of RERA is regaining trust of investors for the developers and overall real estate sector. According to RERA, the developers can now sell homes only on carpet area basis, unlike earlier times when homes were sold on super area basis, with loading varying from 25-40 per cent. The newly enacted laws are going to benefit both the retail project s in Gurugram including the affordable housing ones.
“People can enjoy the leverage of choosing a desired home as there are plenty of options available in the sector. Going for a low-cost property is still a better option as compared to the rental living. For these reasons, communities should work to ensure that they go for the right property so that they are able to suffice their other financial needs as well” says Pradeep Aggarwal, Co-founder & Chairman, Signature Global.
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