Affordable Housing- A New Game Changer

In a country where having a home is considered to be the most essential thing, affordable housing schemes have taken the pledge to fulfil everyone’s dream. The Indian economy is regulated by many factors and now affordable housing has added its name to those lists of factors. The impact of these schemes is coming up very positive and real estate sector once flagged is now picking up steadily. The softening of interest rates which were stable from quite some time, has also lead to the growth of the affordable housing scheme.

This scheme is flourishing and will soon be the game changer for the real estate sector. With over 30% growth rate predictions, this sector will soon be the talk of the town. Affordable housing scheme is selling like hot-cakes and seems to fulfill a dream of owning house of every common man.

According to Knight Frank India, a real estate consultancy, there has already been a significant surge in affordable housing projects across eight major cities. Homes priced below Rs 50 lakh accounted for about 71% of the total launches between January and June 2017, a significant 52% increase from the corresponding period in 2016.

After demonetization, real sector dealt with a severe blow but affordable housing scheme has generated a new source of revenue. It had encouraged the developers and builders confidence in taking up various new projects and investing their efforts.

No doubt that Government is fully supporting this scheme, but also investors having full faith in this scheme. A major factor for its phenomenal growth is the keen interest taken by Modi Government in the housing programs run by them. This year’s budget also boosted the confidence of this sector. Policies like RERA (Real Estate Regulatory Authority) have infused full confidence among buyers and they are getting more decisive in terms of home buying.

The availability of cheap home loans in market is also encouraging the buyers to go ahead with their decisions for affordable housing. The home loan market in India consists of 76 lenders. These include state-run banks, private banks, and housing finance companies (HFCs). All these are trying to woo customers. Out of all these HFCs are ruling their way out. According to an India Ratings and Research report, affordable housing finance is set to be an Rs 6 trillion market by 2022. The research agency has also predicted a whopping demand for 25 million homes in the medium-income group (MIG) and lower-income group (LIG) categories over the next five years.

With all these factors driving the affordable housing schemes to be successful, surely it’s going to be a game-changer for the real estate industry in the near future. Government policies and support to provide housing for all by 2020 seems to be taking shape and coming along positively.

Source By : http://www.prfree.org/news-affordable-housing-a-new-game-changer-432820.html

Affordable housing set for growth in 2017

The maximum demand for housing in India has always been and continues to be in the affordable segment where property prices range from Rs 15 lakh to Rs 50-60 lakh, while a huge number of ready-to-move projects in cities like Gurgaon , Mumbai are priced upwards of Rs 1 crore.

Affordable housing schemes for the middle and lower income groups are finally on a serious growth curve in 2017, with huge demand in both segments now also being met with increasing supply. It may seem strange that massive demand and massive unsold residential inventory can coexist, but this is in fact the result of pricing mismatch. The maximum demand for housing in India has always been and continues to be in the affordable segment where property prices range from Rs 15 lakhs to Rs 50-60 lakhs, while a huge number of ready-to-move projects in cities like Mumbai are priced upwards of Rs 1 crore.

Affordable Housing Projects Gurgaon

This is evidently a stalemate situation for the existing supply – having invested heavily in location and premium features and amenities, the developers of these projects can obviously not bring the prices of their inventory down into the affordable brackets. These are premium offerings and will retain premium prices, with only marginal downward price revisions possible in some projects if the developer in question is able to absorb a loss. Others will wait for market conditions to improve, which they are already showing signs of doing.

The good news for the affordable housing segment lies in the Indian Government’s determined policy directive to provide Housing for All by 2022. While this objective seemed a little fabulous to begin with, we are actually seeing some serious action on the ground as a result of this policy directive.

The Government is now collaborating with private builders and developers under a public-private partnership model (PPP) to make Housing for All by 2022 a reality. Many developers have responded positively, which is not surprising. It is no secret that affordable housing promises a lot of growth for all concerned – the problem lay in the fact that the profit margins in this segment are quite small, and the Government had not provided developers with a good incentive rationale to take the plunge.
affordable housing scheme Sohna
Today, they have this incentive. The Government has provided 39% higher allocations for affordable housing development vis-a-vis FY 2016-17 under the Pradhan Mantri Awas Yojana (PMAY). It has also extended the Credit Linked Subsidy scheme to loans of value up to Rs 1.2 million. And, while the Government has also made a number of other moves to meet the demand with supply and address the affordability issues for the middle and lower income groups, the most important stimulus by far has been the fact that affordable housing has now been granted infrastructure status. This translates into easy financial credit for builders and makes it a lucrative segment for them to invest in.

The Investment Information & Credit Rating Agency (ICRA), considered to be the most reliable domestic rating agency, confirmed in a recent report that the affordable housing segment in India is set to grow at a faster pace than the rest of the real estate industry – at more than 30% over the medium term – and will be the key growth driver for the Indian mortgage finance market.

Other Factors Driving Affordable Housing

Massive urban inward migration: While luxury housing continues to hold its own in terms of its niche demand, the fact is that developers today are more inclined towards creating affordable housing projects. Not only is such housing selling like hot cakes, it is also the most incentivized segment for both developers and end-users. A large percentage of the population is migrating to the tier-1 and tier-2 cities, attracted by the new job opportunities ushered in by the country’s growing economy. As a result, the demand for affordable housing has increased exponentially. Simultaneously, Government policies like RERA have infused fresh buyer confidence into the real estate sector, bringing fence-sitting buyers onto the market with firm purchase decisions for homes that meet their budgets.

An increasingly attractive investment proposition : On the back of the new regulations which the Government has deployed to make Indian real estate a more credible and logic-driven market, property investors focusing heavily on affordable housing for the middle and lower income groups, as this is by far the most attractive investment option now. Affordable housing is now a highly profitable long-term proposition for real estate investors, and developers also stand to seriously profit from creating it.

Affordable housing supply in the right cities : The trend of nuclear families driven by young professionals is increasing all over the country, especially the metropolitan cities where InfoTech and other major corporate sectors hold sway. In cities like Bangalore, Pune, Hyderabad, Chennai, Thiruvananthapuram, Navi Mumbai, Gurgaon, Noida and New Delhi, young professionals are eager to own homes and settle down with their new families, so affordable housing is a major hit in such cities.

Indeed, it has never been a better time for affordable housing in India. The segment has lost its ‘down market’ label and become a serious and respectable business sector for real estate developers. It is a given that the demand-supply gap is still huge, but the fact is that it is narrowing visibly for the very first time in several decades. Over the next five years until 2022, we will see affordable housing action on the ground unfolding at an increasingly rapid pace – and everyone, not least of all the country’s economy and most importantly the long-neglected end-user of affordable housing, stands to benefit.

Haryana Govt. affordable housing scheme Gurgaon

Source : Ashwinder Raj Singh, ANAROCK Property Consultants | Mumbai | July 11, 2017 12:37 IST

Pradhan Mantri Awas Yojana Will Come From This New Guideline To Benefit Every Class

If your dream of buying your house till now has not been completed, then it will definitely be completed.

How can you be thinking?

Through the Prime Minister’s Housing Scheme.

Indeed, under the Prime Minister’s Housing Scheme, some houses are being included in this scheme and are being given cheap prices, but some other guidelines have been issued besides those, besides the lower middle class and others besides themselves. Have a chance to dream of buying a home.

You must know that Dream Homes of Huda Affordable Housing also come under this scheme, which now costs only 14.99 lakh rupees. Along with this, you will also have the opportunity to avail of many other facilities, such as Express Bus Service, My City App, High Tech Safety, Parking, 50 Community Park, Air Conditioned Gym, Swimming Pool, Badminton Court, Shopping Mall and many more. Some |

With the help of the Prime Minister Housing Scheme, you can get all these facilities in only 14.99 lakhs. There are more guidelines under this scheme, which will help you to get your home.

Let’s know which guides are:

Under this scheme, ECONOMICAL VICKER SECTION i.e. EWS and Lower Income Group i.e.

That LIG and two middle income groups have been included.

Under the Prime Minister’s Housing Scheme, annual income of upto Rs. 12 lakhs is 90 square meters

Government has given a subsidy for taking home loans for 110 million square meter households, which is 18 lakh rupees.

If your annual income is Rs. 12 lakhs then you will be given a subsidy of 4% on loan upto Rs. 9 lakhs. On the other hand, if you earn up to Rs 18 lakh annually, you will get a subsidy of 3 percent on loans up to 12 lakhs. You can get this subsidy on home loans up to 20 years.

This announcement was made by the Prime Minister on December 30 last year. Apart from this, in the year 2015, under the Prime Minister’s Housing Scheme Rs. 3 lakh and Rs. 6 lakh per annum were also announced for taking a loan of 15 years for a loan of 6.5 percent. But now its duration has been increased to 20 years as the rest of the group.

Are you still thinking? Do not think, soon realize the dream of ‘your house’.

The safety and security of your family has been given the primary place inSohna. In the Sohna being developed on the developing site like NH 24 in Ghaziabad, CCTV is available at every 800 meters. Surveillance by cameras, supervised by the Central Command Center, and strict monitoring, adequate parking and all world-class facilities will be available.

Here you can choose anything from Dream Homes, Affordable Floors, Affordable Executive Floors, Prime Floors and Plots. And now the government is also reducing the prices of homes for you, as well as now there is a subsidy in home loan.

Now do not waste time thinking, soon go to Global Hill View to take home. If you want detailed information about the Prime Minister’s Housing Scheme, contact our advisor through the comments box. They will bring you all the information.

What to Do before Buying Home in Gurgaon

Are you looking for buying your dream home? Well, here is something what you need to consider before going ahead with your plan. Actually buying a home in Delhi NCR is really a big task for a common person. If you buy a luxurious home, you need to invest about 30 to 50 lacks, and I think, the price range is not accessible for all of you. That is why you need to make a right plan to make it possible to buy a dream home within your budget around 12 lacks to 22 lacks.

arete india 3

First, I would want you to make a good estimation of your requirement and budget; then you can go ahead with your plan to look for the property, property features, location, project’s construction, area attractions and real estate agent or company. These are the most recommended features that you should come up with before buying your dream home. If you are in need of such kind of homes in Gurgaon, Arete india projects Pvt ltd can be the right choice from the point of residence.

Affordable home in Gurgaon is one of the best options for most of the people who look to buy right property at the best prices. The location of Arete our homes 3 Sohna are great as it is situated in the sector 6 Gurgaon. The project earns the incredible reputation due to its geographical conditions and amenities around there. Like many other you can buy home with Affordable housing Scheme Gurgaon and can feel satisfied after making the project your home place.

FAQs on Affordable Housing Projects Eligibility

FAQs on Affordable Housing Projects Eligibility

Please note that all Questions listed here are only meant for Affordable Housing Projects which fall under Haryana Affordable Housing Policy 2013 by DTCP.

Q. Who is Eligible?

  • All Income Groups
  • First Preference to one who has not been allotted any flat / plot in any HUDA developed colony / sector or any licensed colony in any of the Urban Areas in Haryana, UT of Chandigarh and NCT Delhi.
  • An applicant can make only one application

Q. Are NRIs (Non Resident Indian) & PIO (People of Indian Origin) eligible to apply for Haryana Affordable Housing projects?

Yes, NRIs & PIO are eligible to apply in such projects.

Q. Will any successful applicant in any affordable housing project be eligible for future projects by HUDA or DTCP, Govt of Haryana?

The eligibility for any future project will depend on the prevailing policies of the government at that time.

Q. If an applicant surrenders his unit, will he be eligible to apply for other affordable projects?

No, the applicant will not be allowed as he had been already allotted the property by the government but he chose to surrender it. The preference will be given to other applicants.

Q. If an applicant has lost his acknowledgement, will he be issued a duplicate copy?

No, he won’t be issued a duplicate copy, though he can request the developer to share his application number.

Q. Can an applicant submit 2 applications in the same project under same name?

No, an applicant can only submit one application in one project. Though he is entitled to apply in as many projects he wishes to.

Q. Is it possible to withdraw application before the draw?

No, the applicant can not be withdraw his application before the draw.

Q. If an applicant has lost his acknowledgement, will he be issued a duplicate copy?

No, he won’t be issued a duplicate copy, though he can request the developer to share his application number.

Q. Can an applicant submit 2 applications in the same project under same name?

No, an applicant can only submit one application in one project. Though he is entitled to apply in as many projects he wishes to.

Q. Is it possible to withdraw application before the draw?

No, the applicant can not be withdraw his application before the draw.

FAQs on Draw of Apartments

Q. What is date of draw of XXX project?

The date of draw is not pre-decided. Usually, it takes place after 3 months from the last date of application to the project.

Q. Does the applicant need to carry his acknowledgement at the venue of Draw?

Yes, the applicant needs to carry his copy of acknowledgement to the venue as it is the official receipt of application.

Q. What is the level of transparency of Draw?

The Draw is completely transparent as it is conducted openly in presence of all applicants and certain high ranking state govt officials. The applicant can also take part in the entire process of draw. The entire event is video-graphed for transparency.

Q. Will the draw be conducted collectively for all categories or separate for each category of apartment?

The draw will be separate for each category. The categories can’t be merged at the time of draw.

Q. If the draw does not take place in stipulated 90 days from last date of application, are the applicants eligible for any interest?

Yes, the applicant is eligible for 10% interest on his booking amount for the duration exceeding 90 days.

Q. How will the applicant come to know the result of the draw if he is unable to attend the event?

The result of the draw will be published in the same newspapers in which the project was advertised for applications. The successful allottees will be informed personally by the developer via email and postal letters.

Q. In case of success in two draws, will the applicant be given a choice to retain both the flats?

No, The applicant has to choose any one apartment and surrender the other.

Q. How many applicants will be in the waiting list?

The developer will maintain a waiting list of 25% of the applicants for 4 years. If a wait-listed applicant wishes to withdraw from the list, he can withdraw and his booking amount will be refunded.

Q. Is there any finance facility available for Affordable Housing projects?

Yes, Finance facility is being provided by all Nationalized banks as well as NBFCs. In certain projects, even the booking amount is being financed.

Q. How will a non-working woman make payment or apply for loan if she is successful in draw?

The payment can be transferred from husband’s account and the husband can apply for Home Loan and can be made co-applicant for the property.

Q. What are the different modes of payment which are to be made against the property to the developer?

The payment can be made by Cheque/Demand Draft/Banker’s Cheque/NEFT/RTGS. Cash payment is not accepted by the developer.

Q. What is the time frame given to deposit the next installment of 20% for a successful allottee?

A period of 15 days from the date of allotment is given to the allotte to make the next payment.

Q. If the developer does not refund the booking amount after the draw is over, who should the customer approach?

The DTCP is the nodal authority and the customer can approach DTCP for all concerns regarding affordable housing projects.

Q. How will the developer refund the booking amount of the applicants who are unsuccessful in draw?

The unsuccessful applicants get the booking amount through cheque which is either delivered to their correspondence address via registered post or can be collected from the developer office after furnishing all valid documents.

Q. If a successful allottee fails to make payments in stipulated time, will he be given a grace period?

Depending on the developer, a grace period can be given. If the applicant still fails to make the payment, his allotment stands cancelled.

Q. What is the assurance that the developer will deliver the project in stipulated 4 years of time frame?

5% of the security deposit out of 15% will be released by the govt only after developer gets occupation certificate, remaining 10% will be released only after 5 years from possession as the developer has to maintain the project for 5 years. Any delay by the developer will eventually result in his financial loss as the margins are wafer thin on such projects.

Q. If the developer does not deliver the project in 4 years, what action will the Government take on behalf of Customers?

The developer stands to lose his security deposit of 15% of the project and cancellation of his license. Also, he gets blacklisted for future.

Q. Who will take care of maintenance after 5 years?

An RWA will be formed after 5 years and it will take care of entire maintenance of the project.

Q. Will Power Back up be provided?

No, there is no provision of Power Back up in affordable housing projects.

Q. Is there any provision of car parking in Affordable Housing projects?

Though it is mandatory for the developer to provide ONE free two-wheeler parking with each unit, the peripheral or open area in the project can be used for car parking. The said area cant be sold or leased to any occupant. It is free and open to all.

Q. What will be the quality of construction in such affordable housing projects?

The entire construction of the project will be monitored by DTCP and the developer is mandated to use predefined materials which are approved by the government. Therefore, the quality of construction will be superior.

Q. When can a successful allottee sell his apartment?

A person who has been allotted a flat under affordable housing policy can sell his flat only after 5 years from the date of his allotment, else there is a penalty of 200% of flat cost on the seller and his allotment will be cancelled.

Q. Can an applicant withdraw after 2 or 3 years of allotment?

Yes, the applicant can withdraw from the project. Only Rs 25000/- will be deducted from the amount he has paid to the developer and the rest will be refunded and the said apartment will be offered to the wait listed applicants.

Q. When will the construction of the project commence?

The construction will start after getting all statutory clearances from various departments.

Q. Is HUDA (Haryana Urban Development Authority) authorized body for Affordable Housing projects?

No, All affordable housing projects fall under the privy of Department of Town & Country Planning (DTCP), Govt of Haryana. HUDA is a govt agency which falls under DTCP.

Q. How are Affordable housing apartments different from EWS flats which are also allotted by the govt?

  • EWS flats are below 300 Sq.Ft. area and are meant for Lower income group people, whereas Affordable apartments have carpet area between 350 – 750 Sq.Ft.
  • EWS apartments are located on fringe areas of the city whereas affordable housing projects are coming up across good locations.
  • EWS apartments are basic apartments with no facilities whereas Affordable housing projects have common facilities like 50% Green Area, Community Hall, Creche, Swimming Pool, Sports facilities.
  • EWS apartments are Low Rise whereas Affordable housing projects are High Rise apartments with elevators.

For upcoming Affordable project you may visit http://www.affordablehousingprojectsgurgaon.com

Invest in Affordable Housing schemes in Gurgaon

If you are making a plan to buy your first home in Delhi or Gurgaon, it is an ideal idea. This idea not only gives you a right option of investment for best return of investment, but also will give a chance to have your own home in the great location. When your low budget is always a concern for you, now you need not worry about it. You just need to plan well and strategically to buy home with Affordable Housing project under Huda housing scheme. A proper plan and knowledge of the real estate industry can make your task easy and successful.

You can buy a luxurious home at affordable prices if you choose any one of the many affordable housing projects. If you buy your own home with such projects, you can save your salary’s big part which you have pay as a rent. Many real estate companies develop residential projects that come under Haryana Government affordable housing scheme like Affordable Housing Sohna. Here with them you can buy home with easy payment plan wherein you are free to pay your home cost in easy installments.

If you buy a ready-to-move home, you can settle in it with your family soon, and you will feel great comfort when you do not need to pay a monthly rent. You just need to pay easy installment of your property cost.  A big part of your installment can be come from the amount that you have to pay to your home owner as your room rent. In this way, you can have your own home in the millennium city of Gurgaon.