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.
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:
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.
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.
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.
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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