What affordable housing actually means in India?

Owing a home is a dream of every individual, but living up to it is however difficult. The day today expenses of a family are huge as compared to their income. Primarily income determines the affordability of a house and for a mediocre family it is a matter of putting all the life’s earnings into it. Real estate has seen a boom with the increase in demand of residential property especially in the metro cities. Metros offer employment to huge no of population and hence they require homes to live in. Majority of the Indian population is mediocre and affording a home was difficult till last decade. But with the advent of flat system particularly small homes like 1BHK and 2BHK housing became affordable. Many developers have come up with convenient and affordable homes at attractive prices & easy pay off schemes. These homes are located at approachable locations with fairly adequate sizes and do not cost high that a household is unable to meet other necessities to sustain.

affordable housing india

Not just private builders but also the government has taken various initiatives for providing low cost homes to its residents. A number of housing schemes and group housing projects have been launched by the government to provide homes to the needy. The policies are initiated to support the completion of Group Housing Projects where apartments of pre-defined size & structure are made available at low cost. Also government has worked towards providing various pay off schemes to ease the burden on individuals.

Read Also: Affordable housing segment to get exemption under GST: Naidu

Affordable housing a new & widely accepted concept which has given hopes to huge group of people for living their dream of a home. But this also brings along huge responsibility for the government and developers to live up to the dreams of public. Low cost housing doesn’t allow the providers to deteriorate the quality of construction. They must work towards providing good quality infrastructure, basic amenities and contemporary standards of the building to its buyers. Hence the regular features including proper sanitation, security, continuous electricity and water supply cannot be compromised at the cost of affordability.

Affordable housing has given new hopes to the generation and wish of each individual to live in their dream home. New sets of schemes and proposals can be expected in the real estate to ensure that each family can turn their dream into reality of living in their own happy houses.

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