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    Various Government Schemes Behind Gurugram Affordable Housing

    We consider various government schemes and policies that have been fueling the affordable housing sector in Gurgaon. We consider their benefits for both the consumer and the developer.

    Affordable housing in Gurgaon has been a boon for both the citizens of the nation and the real estate sector. With several established projects and many upcoming new affordable housing projects. The real-estate sector has seen a significant boom in Gurgaon than anywhere else. So why are developers rushing in to create these projects? Why is there an ever-growing demand for them in Gurgaon? Well, it’s in part due to a number of schemes. The policies that the government has established endorse the development of affordable housing. Let’s consider these schemes and policies up close.

    PMAY

    A majority of the nation constitutes the poor and many don’t have a house to live in or to call their own. Recognizing this problem the government launched the Pradhan Mantri Awas Yojana with the aim of housing 20 million families by the end of March 2022.

    PMAY will give financial support to States and Union Territories to create housing for three income categories:

    • The “Economically Weaker Sections” (EWS)
    • The “Lower Income Group” (LIG)
    • The “Middle-Income Group” (MIG)

    This scheme provides a lot of benefits to its beneficiaries:

    • Beneficiaries are entitled to subsidized interest rates on housing loans giving them a benefit of 6.5% interest on loans for a 15-year term.
    • 1% is the GST rate.
    • Differently-abled and senior citizens will be given Special preference.
    • The use of sustainable and eco-friendly technologies is mandatory.

    RERA ACT

    Established in 2016 The Real Estate (Regulation and Development) Act protects the interests of customers looking to invest in properties, consequently increasing investments in the real estate sector. State governments with the help of this act to create their own rules regarding real estate and have to notify rules within 6 months

    RERA aims to address home buyers’ complaints that real estate transactions heavily favor the developer. Therefore, is an initiative by the government to make real-estate transactions equitable and fair. RERA makes these transactions transparent with proper accountability and encourages state governments to uphold this spirit of integrity central to the act.

    Some important guidelines under RERA are as follows:

    • Allottees should be informed about any addition or alteration to a purchase deal needs to be informed to the allottees.
    • 2/3rd allottees need to give their consent before an alteration to a purchase deal can be made.
    • A developer can not advertise their property until they have the property registered under RERA.
    • Before a majority of rights can be transferred to a third party, the consent of at least 2/3rds of allottees is required.
    • The developer must share all important information like project plans, project layout, government approvals, list of sub-contractors, land title status, etc.
    • Developers are to timely deliver projects to their customers.
    • Construction quality is required to be of optimal standards.
    • A Residents Welfare Association (RWA) within a specified time or within 3 months after the majority of the housing units have been allotted to customers.

    HUDA Affordable Housing Policy

    Created as part of the larger Pradhan Mantri Awas Yojana (PMAY). The HUDA Affordable Housing Policy is a partnership between real-estate developers and the Haryana government. The goal is to contribute to PMAY’s mission to house 20 million families by the end of March 2022 by developing affordable housing in the city of Gurgaon.

    On first-come-first-basis licenses are served under this policy. Also, with a special focus on particular sectors in Gurgaon that include sectors 63A, 79, 107, 37C, 99A, and more. This policy has allocated around 300 acres of land for the development of affordable housing projects in Gurgaon on a large scale.

    Deen Dayal Jan Awas Yojana

    This established scheme boosts “high density plotted colonies” in Haryana. It seeks to prevent the unauthorized development of colonies while achieving the PMAY objective of ‘Housing For All – 2022’. The projects under this policy are required to be completed after 7 years from the date of licensing of the project in question. The permitted allocatable land is 5 acres to 15 acres for developers to develop housing projects. A great benefit under this policy is that buyers can avail of a loan of up to 75% of the property price while a loan up to 90% can be availed on builder floors and flats.

    Some important guidelines under this scheme are as follows:

    • Developers can register four independent floors along with the provision for slit parking and lift on any plot.
    • Developers can avail separate bank loans for each floor.
    • Undoubtedly, only 50% of plots can be made available for purchase before completion.
    • 10% area of the licensed colony will have to be transferred to the government for the maintenance of community facilities.
    • Licensing fees and development charges have been reduced to encourage the development of these colonies. Moreover, infrastructural and conversion charges have been removed altogether.
    • The maximum plot size is 150 square meters. The maximum density is 400 people while 200 people are the minimum density.
    • Additionally, allotment will be on a first-come-first-served basis

    So, these generous benefits by the government have been fueling affordable housing in Gurgaon and across the nation. With over 90% percent of the Indian population falling under the low-income group category. These affordable housing schemes come as a welcome boon for the nation. The affordable housing sector has seen a constant rise in demand regardless of the atrocities brought about by the pandemic. If the demand curve persists the way it has up till now the government might actually achieve its goal to house over 20 million families by the end of 2022.

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