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Affordable Housing in India |
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Affordable Housing in India has become the new Mantra for everyone related to the realty sector in the country. From buyers to the sellers to the realtors and investors, everyone is pitching for affordable quality homes in India. The story begins from the realization of the huge unmet demand for affordable housing in India since the premium section is witnessing an oversupply. As the real estate property market experienced recession in late 2008 with a downfall of upto 50% in property prices, various realtors have started looking for measures to take control of the situation.
Affordable Housing Prices
For the ongoing projects, the prices have already fallen down by around 15% in major metropolis cities like Delhi, Mumbai, Hyderabad, Bangalore, Kolkata, Chennai, Pune, Gurgaon, Noida, Greater Noida etc. In terms of the completed projects the prices have hit a low of more than 43% in major property markets of the cities. Since the economic slowdown has resulted in bringing down the commodities prices as well, the cost of construction has also come down. The fall in cement prices by over 40% and steel prices by around 20% that constitute a major chunk of construction costs has compelled the developers to pass on the benefit to the end buyers. Thus, the demand of affordable quality homes in India within the price range of Rs. 15 - 30 Lakhs is soon to become a reality.
Affordable Houding Projects in India
During various national and international conferences held in the country, indications regarding increased FDI in Realty Markets in India, increase in number of available Real Estate Funds and reduced interest rates on Home Loans have surfaced. Various Banks have also announced reduced rates for loans to the real estate developers for affordable housing projects in India. To cater to excessive unmet demand of low budget housing in India, The Planning Commission, RBI, The Finance Ministry and various Financial Institutions have extended full cooperation to the realtors to jointly undertake a series of measures for affordable housing in India.
Various builders in India have announced projects catering to the low budget housing in India with 1 & 2 BHK apartments projects targeting the Lower Income Groups and EWS (Economically Weaker Section) Categories as well as affordable 3 & 4 BHK flats for the Middle Income Groups. The Individual Unit prices of the houses under the affordable housing projects in India are touted to be around Rs. 5 - 25 Lakhs for 1 & 2 BHK Flats, Rs. 25 - 40 Lakhs for 3 BHK and Rs. 40- 60 Lakhs for 4 BHK Units.
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| Renowned Builders & Developers like Ansals, DLF, Omaxe, BPTP, Unitech, Vatika Group, Raheja etc. have advertised projects under affordable housing in India. Thus, the dream of the common man of owning an affordable quality home in India is not far.
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