Affordable housing is one of the most used terms in the real-estate industry of India. But only a few are aware of the exact meaning of it. So, affordable housing or properties are those properties that are easily affordable to the general population of the country whose household annual income is below the average. In other words, the economically weaker section (EWS). A study shows that the affordable housing segment has been the biggest presenter to home sales in India in the past few years. Various real-estate developers are offering Affordable housing properties in Gurugram supported by Pradhan Mantri Aawas Yojna such as Signature Global, MRG World, Raheja, Mahira Homes & many more. Before buying affordable housing or a residential property, you must be aware of its types to make a better decision. So, here are a few types of affordable housing properties.
1. Provisional Housing
Provisional transitional housing is a kind of housing that falls between the permanent and emergency type of affordable housing. In transitional housing, the government avails affordable housing to try to eradicate problems of people who have no roof over their heads or people whose families are receiving special support to makes their lives a little better. This sort of affordable housing serves as a chance for individuals for rebuilding their lives in protective surroundings. The usual period for staying in such homes varies from a few months to a few years. A communal type of transitional housing involves a bunch of individuals sharing a common kitchen, bathroom, and living space.
2. Co-Op Housing
Co-operative housing is usually available for communities of senior citizens who ought to be entirely liberalized- financially and physically. Furthermore, to attain low costs, the government collaborates with real-estate developers and builds affordable homes for them in return for the fulfillment of certain community services.
3. Permanent Housing
This sort of affordable housing is available for individuals for an indefinite period regardless of uncertain situations. There are several sub-types of this housing such as rental housing, non-profit housing, homeownership, etc. Affordable permanent homes can be owned by individuals at extremely low rates. The homeowners of such housing act as landlords or investors of the home charging rent higher as per the market price. There is a higher return of profit on investment in such homes. For example, if you stay in Gurugram, various real-estate developers, such as MRG World is developing affordable housing properties in Gurugram with convenient amenities around the locality collaborating under Pradhan Mantri Aawas Yojna Scheme (PMAY)
4. Emergency Housing
Emergency housings are a type of affordable housing that avails accommodation to individuals for a very short period especially to those who are homeless, refugees, or are victims of violence or abuse. These housings provide individuals with various kinds of ready-made facilities and all sorts of resources required for one’s survival- from necessities to healthcare & employment services as well.
The knowledge of types of housing for any individual whose thinking of buying an affordable home in the country is as important as other important aspects of buying a home such as budget, location, research & planning.