Affordable housing for the middle class
“How is affordable housing in Gurgaon, with its luxury lifestyle, urbanization and posh societies?” It can be thought, since Residential Flats varies in its meaning for different demographic profiles. Especially in the Indian real estate market, affordable housing has a connotation of housing for the Low Income Group (LIG), so they too can enjoy a comfortable and secure life. With the current government’s focus on this section and more on affordable housing, it seems that the real estate sector has been able to get the boost it has been waiting for lately.
However, there is one important trend that needs to be considered before the government claims your affordable housing project is a success. The term affordable housing, in different contexts, also has a local meaning. According to this, affordable housing includes housing options for a segment of the population that may become a potential homebuyer in a city. If we take this definition into account, in each city there is a significant population that, although not identified or included in the LIG, is equally incapable of allocating a large budget to the purchase of homes. Not only is he price sensitive and wary, but he hopes to find a decent affordable size house within the city limits. A typical example is that of residential flats in Gurgaon, which although well furnished, do not fall within the budget of the middle class.
When we take the demands and needs of this population a little more seriously, we find that there is a dearth of properties in good locations within the city that buyers can afford. These buyers often have a budget of INR 30-40 lakhs, but more cities including Delhi NCR have a shortfall in properties matching this budget range. Usually properties costing around INR 20 lakh are still located in the outskirts and lack good transportation and other facilities required by the urban middle class. This means that there is, in fact, a requirement for more homes in the affordable housing section, where different demographics can find properties for themselves.
There is an urgent need for developers to submit affordable housing projects in the largest cities. As modern India moves towards development and rising aspirations, affordable housing and the security that comes with it are on the rise. This seems to be a great opportunity for developers who can count on a boost in the real estate industry. Greater absorption of housing projects in urban cities is also a strong indicator of the country’s socioeconomic growth, thus projecting a positive image. While demand is strong and only increasing, there are many changes at the policy level that need to be introduced.
Affordable housing for the middle class will not only prove to be a sustainable business model for the future, but also allow more cities to move up the rankings. More affordable housing projects will assure developers that they won’t have to contend with inflation or even downturns in the economy. Another trend that needs to be addressed is that more real estate investors are now considering cheap and affordable housing projects. While luxury homes and premium homes are struggling to survive a tough economy, affordable homes are still on the move. Healthy demand plus more money constantly coming in from investors means a healthy microeconomy. Now is the time for the builders and the government to test this proposition, ensuring that the overall development of the country happens everywhere.
The Gurgaon-based real estate company’s residential flats in Gurgaon include its massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103 ), Roselia (Sector 95A), Serenas (Sector 36) and Los Milenios (Sector 37D). Currently, the Gurgaon-based real estate company Signum project offers retail stores in Gurugram in sectors 36, 95A, 93, 103, 71, 81 and 107.
