Affordable housing has remained a utopian dream for over a decade. A dream that never materialized. Challenges like the acquisition of land in urban areas, lack of infrastructure, and a lengthy approval process has contributed largely towards hampering this dream. Slowly, yet surely, the government is now taking steps in the right direction towards fulfilling this dream of affordable housing. Many policies and initiatives have been introduced lately such as “Housing for All by 2022” and “HUDA affordable housing” policies that have taken significant steps towards providing affordable housing in India. HUDA affordable housing policy aims to encourage planning and execution of “Group housing projects” wherein apartments of “pre-defined sizes” are made available at “pre-defined rates” within a targeted timeline to ensure an increased supply of “Affordable Housing” to the deserving beneficiaries. In short, this initiative taken up by the partnership of HUDA (Haryana Urban Development Authority) and the Haryana Government aims to promote affordable housing projects in Gurgaon.

So how does this thrust on affordability from Government benefit homebuyers? Let’s take a look at few points below:

• These initiatives may act as a game changer and bring about a huge structural change to the real estate market with all major developers getting into the affordable housing segment and catering to their needs.
• Developers can receive infrastructure funding from financial bodies at rates that are lower than 10% to construct affordable housing. This reduction in borrowing costs significantly benefits the homebuyers as well. – NEED TO VERIFY
• These projects now qualify as infrastructure and gain easy access to financing. This serves as an assurance to existing buyers of timely completion. Moreover, new buyers may also receive some relaxation in terms of pricing.
• The real estate market will see a structural change in pricing as well thanks to affordable housing schemes. It is important to note that there is only a structural shift in pricing and not a price cut. This structural change will likely help builders as well as buyers.
• Builders will not have to pay tax on the profits earned from these projects, thereby encouraging more and more builders to enter this segment. More builders mean more housing options for the buyers. NEED TO VERIFY

So as the decline in housing prices and interest rates continue, these affordable housing schemes serve as a great entry point for first time home buyers in the housing segment. So start exploring the market to figure out a house in the project that is either ready for possession or close to that stage. If you’re based in Sohna, Gurgaon, reach out to affordablehousingprojectsgurgaon to get acquainted with affordable housing schemes in Gurgaon.

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Sohna Road, Gurgaon, 122002
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