India is a diverse country. As the financial capabilities of individuals and families vary, so does the meaning of affordability. The word ‘affordable home’ does not create the same image in the mind of a person belonging to the EWS category as it does in the mind of a middle class individual. Home is a necessity for all individuals. For someone belonging to the Economically Weaker Section (EWS), it means a dwelling where they can enjoy a secure living like a middle class person. Several Housing Projects in Gurgaon cater to the needs of the HNIs and the government is coming up with affordable options for the EWS.
However, for the person who is neither too poor not too rich, what is an affordable home. He will obviously not like to live in a small dingy apartment nor can he afford a villa in some posh locality. They are not as economically challenged as the EWS but they So what should a middle class person do?
Economists suggest that if the middle class people of a city cannot afford good homes, affordable housing is still a dream. The government has taken several affordable housing initiatives to support the residential needs of the EWS. For example, DDA affordable housing scheme and other such schemes by HUDA. But the affordable housing scenario for a middle class individual is largely taken care of by the private builders (sometimes in association with certain government authorities).
One of the main challenges faced by middle class homebuyers is the proximity to work locations. Several small sized homes are launched in the peripheries of metro cities and other commercially active locales. Though these houses are quite affordable, they do not offer a convenient access to the central parts of the city where offices are located. On the other hand, homes that are closer to the city’s commercial nerve center are comparatively high priced and out of the financial reach of middle class individuals. Developers must find a way between the two scenarios and come up with projects that are affordable as well as accessible.
In literal sense, even if there are plenty of residential options available in the extreme outskirts of Delhi and Noida priced around 20-25 lakhs, then there is dearth of affordable housing in NCR. This is because the middle class is ready to pay 30-40 lakhs for the homes closer to the city’s heart. But such projects are lesser in number.
Affordable homes suiting the requirements of middle class individuals are more needed than wanted. It is good for the buyers as well as for the developers. Such homes are more or less immune to inflationary tendencies as the demand for it is very high. The investors are also eyeing affordable luxury products of the real estate market attracted by the high demand and growth prospects. It is a great way for the developers to create their brand image in the middle class segment and to stand immune to the fluctuations in market forces. Hence, this is the perfect time for them to launch such projects and for investors and users to buy them.
Read More About……Affordable Luxury: A Growing Segment of Indian Real Estate