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.
In order to boost the affordable housing segment across India, the Central government has already announced many schemes to provide housing to all. Even the real estate sector is happy with this initiative as they are getting good capital appreciation and healthy returns. Apart from this home buyer across the country are also seeing growth in the affordable housing sector which was very less in earlier times.
Affordable housing is targeted towards a particular section of society which generally include lower and middle-income group. However, there are various factors which play an important role in defining the affordable housing for example household income, location, price, size of dwelling units, employment opportunities, government incentives, etc.
The flat buyers of Noida-Greater Noida location have a reason to smile. As they will now receive the interest subsidy of 2.5lakh rupees on the home loan they avail under PMAY Scheme. This benefit is applicable only Middle-Income group [MIG].
The Ministry of Housing and Urban Development allotted necessary codes Noida-Greater Noida and the same have been forwarded to the Housing and Urban Development Corporation [HUDCO] and National Housing Bank [NHB]. The NHB is solely looking after the Pradhan Mantri Aawas Yojna i.e. PMAY Scheme. This decision will prove beneficial to several home buyers who come under MIG.
New Delhi: Post Budget announcement, here is good news for the housing sector. Finance Minister in his budget speech announced a dedicated affordable housing fund under the National Housing Bank (NHB). This move will surely bring more flexibility to the sector.
Focusing more on the housing for all scheme of Government, Arun Jaitley said that, “It the vision of the Modi government to provide ‘Housing for All by 2022’. So we are ensuring that every poor has a house by the year 2022.” In this context, the Government will try to create as many as 31 lakh homes in urban areas and 51 lakh in rural areas in the year 2018-2019.
For one of the fastest growing real-estate markets in the world, luxury living is emerging as one of the most promising sectors of the industry. So much so that this sector is not just attracting the interest of the domestic investors and developers but also of the Indian diaspora. The high aspiration of good living of High Net-Worth Investors and changing lifestyle are just two common factors that are driving this sector.
According to Kotak Wealth Management’s Top of the Pyramid 2016 report, cited by 99acres, if the same conditions continue to prevail, luxury projects are likely to witness 100 percent growth over the coming five years. In the financial year 2016, there were about 1.46 lakh boutique houses launched in India, and this number is likely to climb to 2.94 lakh by 2021, according to one conservative estimate.