In a country where having a
home is considered to be the most essential thing, affordable housing schemes
have taken the pledge to fulfil everyone’s dream. The Indian economy is
regulated by many factors and now affordable housing has added its name to those
lists of factors. The impact of these schemes is coming up very positive and
real estate sector once flagged is now picking up steadily. The softening of
interest rates which were stable from quite some time, has also lead to the
growth of the affordable housing scheme.
This scheme is flourishing
and will soon be the game changer for the real estate sector. With over 30%
growth rate predictions, this sector will soon be the talk of the town.
Affordable housing scheme is selling like hot-cakes and seems to fulfill a
dream of owning house of every common man.
According to Knight Frank
India, a real estate consultancy, there has already been a significant surge in
affordable housing projects across eight major cities. Homes priced below Rs 50
lakh accounted for about 71% of the total launches between January and June
2017, a significant 52% increase from the corresponding period in 2016.
After demonetization, real
sector dealt with a severe blow but affordable housing
scheme has generated a new source of revenue. It had encouraged the
developers and builders confidence in taking up various new projects and
investing their efforts.
No doubt that Government is
fully supporting this scheme, but also investors having full faith in this
scheme. A major factor for its phenomenal growth is the keen interest taken by
Modi Government in the housing programs run by them. This year’s budget also
boosted the confidence of this sector. Policies like RERA (Real Estate
Regulatory Authority) have infused full confidence among buyers and they are
getting more decisive in terms of home buying.
The availability of cheap
home loans in market is also encouraging the buyers to go ahead with their
decisions for affordable housing. The home loan market in India consists of 76
lenders. These include state-run banks, private banks, and housing finance
companies (HFCs). All these are trying to woo customers. Out of all these HFCs
are ruling their way out. According to an India Ratings and Research report,
affordable housing finance is set to be an Rs 6 trillion market by 2022. The
research agency has also predicted a whopping demand for 25 million homes in
the medium-income group (MIG) and lower-income group (LIG) categories over the
next five years.
With all these factors
driving the affordable housing schemes to be successful, surely it’s going to
be a game-changer for the real estate industry in the near future. Government
policies and support to provide housing for all by 2020 seems to be taking
shape and coming along positively.
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