In order to achieve housing for all targets, Government estimates, over 40 million urban homes need to be constructed by 2022.
Affordable housing offers 6-8 billion sq. ft. development opportunity in India over the next 3-4 years in order to achieve the target of constructing over 40 million urban homes need to be constructed by 2022.
As previously the government has introduced schemes for affordable housing, for instance, interest subsidy for low and economically weaker sections, which will make the situation better for both developers and home-buyers and will lead to ease fund availability as well.
There is around Rs 1.2 trillion or 15-20% fund is being offered by the government in affordable housing over the next 3-4 years and the remaining amount is being offered by PPP projects.
India’s real estate market has improved a lot by formalizing the system and in order to make it more better, realty developers have slowly but steadily started catering to the affordable and low ticket segment. Pradhan Mantri Awas Yojana (PMAY) and Credit Linked Subsidy Scheme (CLSS) improved the availability for low-cost housing buyers.
Know more about Residential Property in Noida
During the second half of 2017-18, the residential real estate sector has started witnessing some revival as more of affordable housing inventory has started hitting the market. Demonetization and implementation of RERA led to lower inventory addition of some launches but affordable housing led to higher sales numbers than the number of units added in past 2-3 years.