After the launch of affordable housing Scheme in Haryana, various builders have come up with lots of option in affordable housing with the price range between 17 -25 lakhs. About 36,000 apartments of 400-600 sq feet are up for sale in the district.
The projects have started and are expected to be delivered by 2018-19. Developers like Global Signature, Tulip Infratech, GLS/Pivotal, and Supertech are forerunners. Theses developers are not only through with the process of holding draw of lots after acquiring licences from the town and country department, but they have also started construction at their sites. Gurgaon has become the epicentre of the affordable housing scheme. Most of the affordable housing options are coming up in the newly developed sectors 58 to 115 under the Gurgaon-Manesar Urban Complex 2031. Some projects are also floated under the Sohna Urban Development plan.
Government policies like Housing for All (HFA), Affordable Housing, CLSS and Pradhan Mantri Awas Yojana (PMAY), have made affordable housing the buzzword in the market. And one segment that is currently riding the affordable wave in the residential real estate market is the 900-1200 sq ft apartments. There has been a significant spike in demand for apartments in this size category over the past few months in almost all the major realty destinations in the country.
So far, the directorate of town & country planning department has issued 35 licences for an area of 202 acres in Gurgaon district. Of these, nine licences are issued in Sohna for constructing 11,700 apartments on 65 acres of land.
While the Government is envisioning “Housing for All” scheme , investors having their hands full with variety of options available in the price range of 17-25 lakhs. Affordable options are potentially lucrative and yield a hefty RoI (Return on Investment).The definition of affordable housing is different for every market. What is considered high scale in Sonepat would be considered affordable in Gurgaon.
Some experts warn about the consequences of investing in affordable housing schemes. This might end up in creating artificial demand in market. Government should frame strict regulations for this scheme and keep its full involvement. “On a macro level, there is one fear that the 2008 economic crisis in the United States started from the housing scheme.If anything is happening and takes its own natural course it is great, but if anything is artificially boosted it may have unsavoury consequences. All of this was backed by sub-prime loans which led to an economic recession in the US. The biggest concern for the government should be that it should not lead to an artificial demand bubble,” says Amit Chandra, Associate Director (Policy & Advisory), Centre for Civil Society.
Therefore, affordable housing is a welcome idea but policymakers as much as individual investors need to tread carefully. From an individual's point of view, it's indeed a good opportunity because the potential upside is huge.
Most of affordable housing projects in Gurgaon come under the Haryana Government affordable housing scheme. These projects offer quality home with good features at cheap prices.