5 Reasons Why Affordable Housing Is The Game Changer Of Indian Economy

Affordable Housing, as popularly defined by the realty experts, is the housing units affordable by that particular section of the society whose income lies below the median income of the total economy.

Ever since affordable housing came into picture and went on a rising trend since 2016, there have been a lot of ups and downs that it went through. However, it still managed to stay in the game and is now considered the game changer of not just the real estate industry but the Indian economy as well. Here are the reasons why:

A. Growing Population: Despite the Indian population growing at a very high rate - ( approximately around 2.1 percent each year, since 2015), it has managed to cater the housing needs of almost all kinds of groups - be it the lower income groups or the middle-income groups. Despite the surge and the changing trends of the real estate industry, it has managed to fulfill the demands of almost every section of the society.

B. Incentives: The Indian Government has also been supportive of this scheme and has shown it through its incentives offered in different ways. Be it the budget allocation provided for infrastructure, or the increment in the allocation for Pradhan Mantri Awas Yojana (PMAY) scheme to Rs. 23,000 crore; Be it the Goods & Service Tax (GST) slashed down from 12 to 8 percent, or the introduction of tax-free bonds by the Housing and Urban Corporation, this sector has been supported as it was seen as a ray of hope to uplift the real estate industry.

C. Policies: With Foreign Direct Investments (FDI) opening up and paving the way for townships, built-up infrastructure and any construction development, the India government has also drafted policies like the public-private partnership that allows extension of around 2.50 lakhs of central assistance to every house built by the private builders on private lands. With the 2018-19 budget also having affordable housing on its list, it has managed to be the new face of a change of the economy.

D. Challenges: A lot of challenges were faced by this sector - like not having a clean and proper policy framework or a system to work with, having to meet targets that are too ambiguous in nature, too many financial problems to meet the latest infrastructure upgradation and many more, thus leading to an environment which isn’t healthy or inhabitable to survive in.

E. Availability: There also existed problems like little or no availability of land suitable for construction and building purposes, delayed approvals from the official departments, delayed work synchronization between developers, promoters, etc thus giving many challenges to pave the way for pulling down the development and scope of affordable housing.

Despite all the ups and downs, be it big or small, affordable housing has survived and gone through all, thriving high with success and facing all challenges with unique solutions, affordable housing can be known as the game changer of not just the real estate industry but also the Indian economy. With a high scope for the lower and middle sections of the society, this scheme aims to fulfill the housing needs of the Indian society at large. In the years to come, affordable housing has the ability to develop and build a nation that has housing for all - making the rural and urban population come at par.

Signature Global is one of the leading competitors in the real estate industry. It aims to promote the scheme of affordable housing through its projects which are built under the Pradhan Mantri Awas Yojana. With perfect infrastructure and great architectural skills, it builds homes in the National Capital Region areas like Gurugram and other areas like Karnal.

Some of its projects are, namely:

1. Solera 2 Sector 107, Gurugram

2. The Millennia Sector 37D

3. The Roselia, Sector 95A, Gurugram

4. The Roselia2, Sector 95A, Gurugram

5. Grand Iva, Sector 103, Gurugram

6. Orchard Avenue, Sector 93, Gurugram

Effects of Latest Technology on Real Estate Industry

Technology is growing and evolving with each passing day and the real estate industry is already trying to cope up with it.

Many of the big players are into upgrading their proprietary technological solutions, while others are spending a lot into customized applications. It has already been seen before in other industries - everybody wants to be on the upper hand in this ever growing competition. History is witness to these evolutions; however, reinvention is most of the time an unnecessary demand as it leads to further fragmentation and makes industries less competitive. While industries that are technologically advanced have already moved from a restricted-use model long ago and have embraced an outsourced consumption model whereas the real estate industry, has not yet indulged into it. The technology is out, but now, the desire to advance from the traditional way of has been getting old-fashioned at a rapid rate.

Here are some technologies that own the potential to become a necessity in the real estate industry:

1. Indulging Into Virtual Reality (VR): - One of the most infamous applications that are becoming rapidly popular among the consumers and businesses today, as it is easy-to-use and user-friendly for real estate, is - virtual reality (VR). Advanced realtors are already shifting beyond the regular photos, the 360-degree videos that seemed larger than life at some point of time and are into offering their clients 3D “tours” on the virtual property on their digital devices. Different levels of 3D aggregators are always on the market, but they still belong in the early days for acing the real estate industry.

2. The Cloud: - Is another platform with a wide-ranging effect that takes on the closing procedure. Since the closures have always been a pain for any real estate player, The Cloud has been a savior. With better data management applications, the whole procedure can now be streamlined for commercial as well as residential purchase purposes with electronic signatures. These indicate simplification of lengthy procedures that often consumed days or even weeks.

3. Usage of Blockchain: - The perfect place for the cryptocurrencies in the real estate transactions. Blockchain’s security, transparency, as well as efficiency in innovations, are what actually matters to real estate buyers, sellers and/or renters. Transparency is what actually concerns the buyers, renters and the sellers, which Blockchain ensures totally.

The real estate industry still lies in the beginning stage of technological innovations. Since it’s just the beginning, what we can do is be patient and not underestimate the potential of growth of this industry. With the 21st century bringing in dynamic changes to the world as a whole, we can surely expect home buying experience to be more interesting yet user-friendly and informative for all the players involved.

Signature Global, led by strong management and highly-qualified Board-of-Directors team, it is poised for rapid growth. The team’s extraordinary experience and detailed industry insight allow the company to discover new opportunities and realize their true potential. Its projects are widely spread across the country - be it the corporate offices or residential buildings. Their projects cover the areas of Gurugram, Karnal and Ghaziabad. Some of their successfully completed projects include: -

1. Solera Complex (Solera2 Sector 107, Gurugram).

2. The Roselia (Sector 95A, Gurugram).

3. Synera (Sector 81, NH8, Gurugram).

4. The Serenas (Sector 36, South of Gurugram), and many more.