Lately, there has been a significant surge in affordable housing in Gurgaon real estate market due to government initiatives. This segment is now expected to receive yet another significant boost, with the Haryana Government deciding to include parking spaces in the affordable housing projects. The Affordable Housing Policy 2013 has now undergone an amendment that provides free parking space for one car with each residential unit. According to Credai, this is a smart move as parking space is an essential requirement in contemporary times.
Individual real estate consultancy firms have expressed that parking spaces would boost the sales of affordable homes. This, in turn, would increase the popularity of the upcoming affordable housing projects in Gurgaon 2021 and help the segment grow. The amendment would lead to a surge in demand for affordable housing projects among end-users and investors. This is because the home renters who own vehicles would naturally be looking for rental homes with parking spaces.
Several other changes have also been made to the policy, and collectively, they are expected to create a bright future for the affordable housing segment in Gurgaon. For example, the size of affordable housing projects was previously limited to 10 acres. The Haryana cabinet recently decided to increase the limit to ten acres. This increase in project size implies the development of more units in a single project, which would help the government attain its goal of providing modern housing to the general population.
At the same time, it would also attract more developers into the affordable housing segment. In the past, the builders hesitated about building affordable housing at Gurgaon because the limited project size often led to low-profit margins. The Haryana Government’s decision is a win-win as it would help the developers, the homebuyers, and the government alike.
The increase in inquiries regarding the best affordable housing projects in Gurgaon clearly shows this segment’s growing popularity. Many of the affordable housing projects have also recorded high sales. You might want to keep in mind that the current market scenario has a role to play in this as well. Previously, the demand for luxury housing had risen due to the lifestyle in Gurgaon, attracting affluent individuals and families.
However, this changed with the oversaturation of high-end properties in the market. With too many builders focusing on this segment, supply soon exceeded the demand, and the unsold inventory started to multiply. Investing in luxury properties is no longer as profitable as before. On the other hand, affordable housing is continuously growing, with more and more property buyers seeking budget homes.
The projects with affordable housing Gurgaon booking open have received plenty of potential buyers’ responses and are expected to succeed. The government initiatives are indeed helping by making it easier to buy homes. The new amendments would provide a further boost and keep the affordable housing segment flourishing in the coming years.