How Affordable Housing Has Changed the Face of Indian Real Estate ?
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The face of Indian real estate has changed after the government initiated the PMAY (Pradhan Mantri Awas Yojna) makes it easy to buy an affordable apartment for a common man.
The Pradhan Mantri Awas Yojana (PMAY) is an initiative by Government of India in which affordable housing, will be provided to the urban poor with a target of building 20 million houses by 31 March 2022. (source Google)
The availability of cheaper finance scheme is boosting and changing the game for the builders and real estate industry. The affordable housing sector seems that it will ensure secured access to the credit and help the developers reducing the cost of borrowing and create new and clear guidelines which will increase the transparency in this chunk.
The affordable housing project is changing the game after, the deadline has been increased, from three years to five years which give the developers like OSG Group and others more time to finish their remarkable projects. After the revision of the eligibility criteria from 60 square meters and 30 square meters on the carpet for non-metros and metros respectively, apart from the norms of the saleable area which dramatically expand the areas for affordable housing in India with a Union budget announced by the government which lead to, a new Credit Linked Subsidy Scheme (CLSS) for the mid-income group with a provision of Rs. 1,000 Cr in 2019.
After the PMAY initiative, the government of many states are looking forward to the affordable housing projects in India. The real estate developers like OSB Group is looking forward to the Affordable Housing in Gurgaon, who are coming up with projects like townships, apartments, and creating a beautiful home for people who want to buy affordable houses. The OSB group believes in value for money for the luxuries a person gets that too at affordable pricing. It will upgrade the living status of the people in our country as well.
The rising urbanization in both Urban and rural areas, availability of cheap finance, increased affordable prices, regulatory support, and the government’s policy shoot are making the affordable houses a reality in India. After the incorporation of PMAY (Pradhan Mantri Awas Yojna) Scheme, a surge has occurred due to RERA (Real Estate Regulatory Authority) in the affordable housing segment. The current year condition has affected sales to a great extent. Also, housing sales are declined by 30 per cent in October-December 2020.
Where in the concept of Affordable housing projects in India are a great initiative and Modi government promises housing by March- 31- 2022 has given the real estate industry time to scale the sales. Although this year has caused many people in the world a fortune some financially and some beyond it, hopefully, next year might bring some good news to all of us.