The property market of Delhi-NCR is witnessing a boost from the past some time and the biggest reason for this positive move is affordable housing. In fact, the factors like economic and social conditions play a pivotal role in conversion of the prospects into property owners. Apart from these issues, the recently introduced Affordable Housing scheme is offering new dimensions to the real estate sector of the national capital city and its surrounding areas. This policy has not only creating positive vibes for the real estate sector but is also proving beneficial for the infrastructural development.
The significance of affordable housing is building at a fast-pace as the aspiring home buyers and the support from the Government is making the developers plan their upcoming residential projects while considering the trend and demand. Until now, the Delhi-NCR property market has been catering to all kinds of property needs but the introduction of affordable housing has stolen all the limelight i.e. the aspiring homebuyers are asking for more of the affordable homes in comparison to the other residential units. On a whole, the entire property market of Delhi, Noida and Gurugram is leading in the affordable housing sector.
The revision of loan sanction amount from the Reserve Bank of India [RBI] from Rs 28 lakh to Rs 35 lakh and the increase in carpet area ratio for affordable housing from 120 sqm to 160 sqm, for MIG-I category, and from 150 sqm to 200 sqm, for MIG-II category has also affected the property market in the Delhi-NCR region positively. According to a real estate report, nearly 50% of the property sale for the first quarter of the Financial Year 2018-19 was made under Affordable housing segment.
The prospects searching for residential properties in the prime locations of Delhi-NCR have huge options to choose from and have changed the scenario of real estate market here. For example, earlier, the aspiring home buyers with the need of 3BHK were looking 2BHK apartment but now with the availability of affordable housing these prospects have against started looking for a 3BHK property due to budget-friendly property price.
The introduction of the RERA Act has made the developers offer timely possession of the residential projects. Also, the compulsion of getting registered under the RERA [Real Estate (Regulation and Development) Act, 2016] and affordable housing scheme together paved the crystal clear way for owning legit housing units by the aspiring property owners in Delhi-NCR region. These factors work positively for the developers/realtors also as the units constructed under affordable housing are added to the inventory of the developers which offer a wide range of property options to the future landlords.
Better infrastructure, smooth connectivity, capacious housing projects and round the clock security make people switch to the affordable housing segment as the budget-friendly cost of residential properties under this scheme even with all these features make property owning easier than ever before. The to-rent deals are also witnessing rapid growth as the affordable housing made earning of rental income convenient as the affordable housing units are suitable for the professionals living in Delhi-NCR and wish to have a home close to the workplace.
All the above-mentioned scenarios make affordable housing a blessing for the property market of Delhi-NCR region as all people including the developer/realtor, aspiring home buyers and people seeking rental properties are benefitted from this scheme launched by the Narendra Modi-led Central Government in the year 2016 under the banner named PMAY [Pradhan Mantri Aawas Yojna [Urban][Rural]].