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

5 Precautions to Take When Buying A New House

“Home is where you feel loved, appreciated and safe” – Trace Taylor. This statement is where the real estate industry revolves around, for it knows the emotions of its customers or clients.

Buying a house is an event important enough ads it involves investing a considerably large amount of money. Although many people today manage to buy a home through savings, others largely depend on financial loans to fulfill their dreams of owning a house.

Consumers mostly rely on the existing reputation of the builder, though the approach isn’t right as perfect paperwork should be the foremost criterion to buy a new house. Caution should be maintained and a check must be kept if the builder has the essential paperwork done before investing in a particular project.

It is important to check the builder’s credibility on different forums. A check on their past projects worked, their reputation and their work attributes will help in deciding better on which builder to choose for your home.

Here are the 5 things that need to be taken care of as precautionary care, before buying a house: -

Check The Title Deed

It is of prime importance to review the title deed of the land on which the property is based on. The deed will not only give the consumers clarity about the pros and cons of the property but will also help them understand the actual scenario, be it – ownership, sale or transfer of ownership rights. This deed will also clarify on any existing litigation concerning the property.

Review the Intimation of Disapproval Documentation

The permissions, as well as “No Objection Certificates” are the documents that comprise of the Intimation of Disapproval. It acts as a declaration for the builder where he obtains permissions from different departments like the - Storm Water and Drain Department, Forest Department, Traffic and Coordination Department, Environment Department and others at the various stages of construction. A commencement certificate is what that must also be checked along with these for it allows the builder to start the construction on legal terms.

Check the Certificate of Encumbrance

You would never want your investment in real estate that has pending litigations or any monetary liabilities. Usually, these facts are hidden from the customers but exercising caution on your behalf by having a look at the encumbrance certificate is a mandate. It helps in confirming the fact that the land is free from every kind of legal issue.

Know the Layout Plans

With real estate scams cropping up in the market, one should verify the layout plan documents before actually putting in money. Reviewing the documents and checking if they had been authenticated by the respective authorities is a must. Insisting on having a look at the occupancy certificate implies on the knowledge of the customer as well as a check on the developer that every kind of litigation has been cleared with.

Verifying the Purchase Agreement

When all the above processes have been cleared with, checking the purchase agreement is important. Every minute detail regarding the payment details, construction, specifications regarding the apartment, deadlines and penalties are mentioned in this document. The purchase agreement is the basis of every kind of future negotiation available and also acts as a solution provider from every misdeed that can take place in the foreseeable future.

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.

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.

Affordable Housing and Sustainable Development Goals

Affordable housing is basically defined as housing units that are affordable by a particular section of society whose income lies below the median household income. By median household income, we mean the amount that divides the distribution of income into two groups – where one half is the income above that breakeven level and the other half, which lies below it.

Sustainable Development Goals (SDGs) – also known as Global Goals, are the basic targets which are to be met for ensuring peace, prosperity as well as sustainability for all. There are a total of 17 goals, as mentioned below: -

a. No Poverty.

b. Zero Hunger.

c. Good health and well-being.

d. Quality Education.

e. Gender Equality.

f. Clean water and sanitation.

g. Affordable and clean energy.

h. Decent work and economic growth.

i. Industry, Innovation and Infrastructure.

j. Reduced Inequalities.

k. Sustainable Cities and Communities.

l. Responsible consumption and production.

m. Climate Action.

n. Life below water.

o. Life on Land.

p. Peace, Justice and strong Institutions.

q. Partnerships for the goals.

The world’s cities tend to occupy just 3% of the total available land on Earth, but it accounts for approximately 60 to 80% of the total energy consumption as well as 3/4th of all the carbon emissions. Rapid urbanization is pressurizing on the limited supplies of fresh water, sewage and public health. Our urban world is growing at a rapid rate but is experiencing high levels of congestion, a considerable lack of basic services, an acute shortage inadequate housing, and the declining infrastructure. More than one-third of the world’s urban population live in slums, which is a matter of great concern.

Cities are the driving engines for sustainable development. They are the hubs for ideas, commerce, science, culture and productivity. Urban spaces not only offer good opportunities for people to prosper socio-economically but also the decent job opportunities that one aspires for as well as the land resources that aren’t overwhelmed by growth. An unplanned expansion that is taking place where the cities tend to spill beyond their boundaries can have a detrimental effect to the development planning of our nation as well as on the sustainable development goals that ensure sustainable development. Our urban spaces are some of the major emitters of the harmful greenhouse gases and contribute greatly to climate change as almost half of the global urban population breathes the air that is approximately 2.5 times more polluted than the deemed acceptable standards set by the World Health Organization.

There is no doubt about the ambitious 2030 SDGs, but, to turn them into a reality we should think innovatively for providing the housing facilities and addressing the challenges that arrive with the factor of affordability.

We need encouragement for innovative and inclusive housing finance systems that include incentives for housing finance providers who give low-income groups and the alternative financial institutions money for low-cost housing. Promoting new approaches to collateralization, guarantee mechanisms and financial products that are adapted to gradual building processes.

The future of cities depends on better availability and accessibility to adequate housing to be provided for all. Placing affordable housing as the prime focus for national and local urban agendas can be instrumental in getting this goal and equality of opportunities in the urban development procedure.

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.

Conquering Legal Hurdles, Dwarka E-way Project Set For Completion

The Haryana Urban Development Authority (now rechristened as Haryana Sahari Vikas Pradhikaran) has overcome all hurdles in the legal arena for physically handing over the Dwarka e-way project to National Highway Authority of India (NHAI), and is set for speedy completion of this carriageway which has been stuck for several years now.

The Haryana Urban Development Authority (HUDA) is a statutory body under Haryana Urban Development Authority Act, 1977.

Its functions are as follows: - 

• To promote and secure development of urban areas in a systematic and planned way with the power to acquire, sell and dispose off the property – both movable and immovable.

• Use this to acquire land for residential, industrial, recreational and commercial purposes.

• To create availability of already developed land to Haryana Housing Board and other bodies for giving houses to the EWS (Economically Weaker Sections) of the society, and

• To undertake building works.

The Dwarka e-way project was formulated in 2006. However, this project has been getting delayed since 2010, when it was already expected to be completed, missing out several deadlines in the procedure. Despite 5 years since its emancipation, after the announcement of the rehabilitation policy, HUDA has been unable to clear the land required for the e-way. 

The National Rehabilitation and Resettlement Policy, 2007 has the primary objective of minimizing displacement as far as possible and to promote, to ensure adequate rehabilitation package and expeditious implementation of the rehabilitation process with active participation of the affected families to ensure that special care is taken for protecting the rights of the weaker sections of the society, and to ensure a better standard of living for their treatment with concern and sensitivity.

Now, the 27-kilometer-long e-way has been stuck for the want of clearing habitation on some of the areas of the land falling in Gurugram and Delhi. In 2017, NHAI cleared the Delhi land hurdle and looked forward to the acquisition process for approximately 10 acres of remaining land for the Delhi portion of the e-way. In Gurugram, this process of ousters in Palam Vihar and Kherki Daula had stalled work on the 3.5 kilometer stretch out of the 18 kilometers long portion falling in Gurugram. But at present, the authorities have been into removing all the structures coming in the way of highway, falling under Gurugram and rehabilitating the ousters, as per the directions given by the Punjab & Haryana High Court, e-way is expected to be completed soon.

Pradeep Agarwal, The Chairman of Signature Global made an assertive statement in this regard, saying it as a great development, as the hurdles have now been cleared and hopes can be made for starting the construction process of the e-way by NHAI. He also added that it would create a positive impact on the real estate industry as thousands of apartments, that have come up along Dwarka Expressway, were hard-hit due to lack of proper connectivity and inadequate infrastructure.

Signature Global, led by a strong management and highly-qualified Board-of-Directors team, it is poised for rapid growth. The team’s extraordinary experience and detailed industry insight allows 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 (Sctor 95A, Gurugram).

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

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

Solera Setting Milestone for Affordable Housing

Gurugram is known as a destination for luxurious and premium housing. The fast-paced development and expansion plan that the city is facing, has made it one among the highly expensive space to dwell. It has remained the most preferred place for corporates and companies to settle. The primary reason is due to its perfect geographic and demographic location with close proximity to Delhi. Gurugram also inhabits a large section of affordable housing in Delhi NCR.

The Haryana Urban and Development Authority (HUDA) and premium properties support developers with an incentive to build low-cost housing units. But, one of the prominent obstacles that homebuyers always face is the over promise and under deliverance from builders. According to Ficci-Grant Thornton- Escrowffer report, around 72 percent exchanges were made in a secondary segment, against 28 percent in the primary segment. This is the reason why homebuyers have been shying away to invest in properties and real estate industry. Delivery defaulters led to a downward trend in the sale of first under- construction home.

Signature Global, the principal real estate in making affordable housing in Gurugram, is all set to launch its Project Solera in sector 107, Gurgaon. The project was completed before the timeline and has placed Signature Global as the leader of affordable housing. The project has an ideal location, exemplary quality of construction with impeccable amenities at a reasonable cost. The project has strategically placed with Delhi being only 15 mins away, 5 mins from proposed metro station, 10 mins from NH 8 and 10 mins from IGI which adds more to its USP. Moreover, with zero GST on ready to move-on apartment makes it all the more attractive. Signature Global has worked with the spirit of our motto i.e. “Making India Affordable”. This is well evident with the projects that develop such as The Millenia Sector 37D, Roselia sector 95A, Grand Iva Sec 103, Orchard   Avenue, sector 93. 

Gurugram has been the most expensive destination of NCR, it’s almost unfeasible for people to afford a home or an apartment. And people usually end up renting a flat for life. To get associated with people aspirations and catering to the needs of people is important for strengthening the roots in the property sector.  Hence by handling Solera, our main objective lies at adding more value to people’s life and ‘Value-Based Housing’ elaborates Mr. Pradeep Aggarwal, Co-founder, and Director, Signature Global and chairman, National Council on Affordable Housing, ASSOCHAM.

Gurgaon - A Glimpse into the Great Future

Gurgaon is a fast-growing city which is just the southwest of New Delhi located in Haryana. It has become a leading industrial hub with rapid urbanization. The progress in its every sector has triggered new opportunities which complement the surge of advancement in real estate. Skyscrapers reign the skyline, high end shopping complexes for new generation, restaurants of all types and a rapid new metro system fascinates the investors to its further developments in upcoming affordable housing projects.

 With its shiny buildings and rising economy, Gurgaon is often portrayed as a symbol of a rising "new" India. Now, it boasts over a million inhabitants, office complexes housing companies from Accenture to Xerox. The futuristic city has local offices for more than 250 Fortune 500 companies but historically called “GURUGRAM” whose economic growth began when the leading Indian automobile manufacturer Maruti Suzuki India Limited established a manufacturing plant in 1970s. That’s how the city developed its dominance as a corporate hub for various companies.

 With no doubt, Delhi's Indira Gandhi International which is just across the border of Gurgaon, adds to its popularity. The yellow Line of the Delhi Metro serves to the northeastern part of Gurgaon which runs from NH-8’s IFFCO Chowk to Connaught Place.  Gurgaon also has a small railway station on the Delhi-Jaipur line, but it only receives almost five trains a day.

 It is an ideal place to spend the weekend with family and friends for numerous leisure activities like Go Karting, Bowling, Pool etc. along with a classy bar, a casual café, etc. It is abounded with malls such as MGF Mega City, DLF Grand Mall, Ambience Mall and frequently many special events and promotions take place.

 Due to sustained occupier’s interest, there has been a robust demand in office market and also witnessing the growth in residential segments. It provides affordable homes in Gurgaon with improved infrastructure and expansion of civic amenities around NH8, Golf Course Road and Dwarka Expressway. It leads to get significant investments which have an impetus to its growth. The emerging areas of Gurgaon offer many excellent opportunities for residential flats along with commercial buildings.

 Today, Gurgaon has expanded more than 70 percent during the past decade to more than 1.5 million people as it is one of the India’s fastest growing districts. The connectivity is great especially in Golf course road and National Highway-8 location.

 The rapid infrastructure development has given a doorway in the market for expansion in affordable housing projects in Gurgaon and intrigues new investors to make establishments. The long-term demand for affordable homes in Gurgoan along with burgeoning office market continues to be strong in near future. Most of the demand and supply for residential property has been shrunk in the mid-end to high-end segments. It is indicative of a revival in the affordable homes in Gurgaon.

 The economic growth is often the product of a private sector improvising to meet the modern adequacies of the city. At times of electricity blackouts, Gurgaon's companies and real estate developers operate massive diesel generators which are capable of powering small towns. Companies employ hundreds of private buses and taxis for easy conveyance to their employees. Gurgaon is a patchwork of private islands more than an interconnected city.

 With rising global influence, people expect to dwell in such an ever-growing landscape with all amenities. Real estate values have risen sharply in the city that the demand for affordable homes in Gurgaon steadily increased, followed by demand for commercial space as multinational corporations began arriving to take advantage of India's emerging outsourcing industry. Outsourcing requires massive workspace for thousands of white-collar employees.

 Companies still tend to move towards Gurgaon because the city's commercial space is more modern, more abundant and far cheaper than that in New Delhi, while Gurgaon is also a center of attraction for India's best-educated, English-speaking young professionals, the essential raw material in the outsourcing business. And there is the advantage of a concentration of expertise: in the past decade, Coca-Cola, PepsiCo, Motorola, Ericsson, Nestle India and other foreign and Indian companies have opened offices in Gurgaon.

 Other cities want to match with Gurgaon's growth and dynamism. Gurgaon is already building an industrial district and planning to create more commercial space for the influx of more new companies and builders. It has become a pacesetter for present generation to shape up their future.

 Signature Global Group is a real estate and infrastructure development company fusing accessibility, technology, design and energy conservation to deliver innovative real estate projects developed around nation’s most desirable locations. The philosophy of Signature Global Group is simple – bringing together the best to stand for the highest standards in real estate quality both in terms of planning and executing ambitious projects.