The real estate sector in Gurgaon is often noted for the swanky high-rises and other posh residential complexes in this city. Indeed, the premium and luxury segments have witnessed considerable growth with many such projects being launched. However, affordable housing in Gurgaon has also started to grow in recent times due to the shift in the focus of the developers and various government initiatives.
Initially, the government took up many initiatives to allow the affordable housing segment to grow. However, these initiatives were mostly aimed at helping low-income groups (LIG) enjoy modern homes’ security and comfort. While this did provide a significant boost to affordable housing, a large section of the society is still left out. The term affordable can have different meanings depending on the purchasing power of potential buyers.
Even apart from the LIG, many potential homebuyers cannot afford a property priced more than INR 40 lakhs. For some, the budget is limited even INR 30 lakhs or lower. While such budget housing projects in Gurgaon do exist, there is not many of them. Moreover, most of them are located near the city’s outskirts and do not offer modern amenities. The demand for such sophisticated housing in good locations, on the other hand, is rising due to the changing lifestyles and constant modernisation.
Due to the healthy demand for affordable housing, some developers are starting to develop such projects. Keeping the current trends in mind, they have been integrating those housing projects with all the necessary amenities.
The government has now come forward with initiatives to help the general population buy homes more quickly. The Huda affordable housing policy, for example, promotes the developers to continue building affordable projects.
The PMAY scheme subsidises the buyers and helps them save money while buying a property. The best affordable housing projects Gurgaon also allow the homebuyers to pay through easy instalments and payment plans. Housing loans have become much easier to obtain too, with the buyers getting a loan amount of 90% from any nationalised banks for special residential projects.
Another factor which has helped the affordable housing segment grow is the current scenario in the market. While luxury properties were indeed relatively high in demand, the supply of such projects has greatly exceeded the request as a result of too many developers focusing on this segment. Consequently, it led to a growing inventory of unsold luxury homes in Gurgaon and caused stagnancy in the real estate sector. On the other hand, affordable homes in Gurgaon for sale are relatively high in demand due to the influx of young professionals in the city.
The developers launching affordable housing projects in the prime localities in Gurgaon have recorded a good boost in sales. This helps them avoid the financial crisis that many of the builders focused on the luxury segment have been facing in recent times. Considering the current scenario, it may be concluded that the affordable housing segment is expected to continue growing in the coming years.