Here’s What you Should Know About “Affordable Housing”

The term “affordable housing” became a buzz word nationwide, when the Government of India introduced the “Pradhan Mantri Awas Yojana”, in the year 2015, with an aim of “housing for all by 2022”.

Also recognized as the affordable housing scheme, this public initiative is aimed at providing a house for all, even those who have an income below that of the median household. The term “affordable housing” is therefore often associated with a self-owned property, with all standard amenities for comfortable living, for the economically weaker section (EWS) and lower income group (LIG).

And while various public and private sector enterprises are working together to bring up affordable housing projects in Delhi NCR and other parts of India, to make the above goal a possibility, the fact there is another side to the term “affordable housing”, cannot be ignored.

Affordable housing for the middle class

Before we delve deeper into the prospective implications of “affordable housing” we need to first understand the concept of the term “affordability” in the Indian context. While doing so, one cannot help but notice that “affordable housing” also falls under the range of a much broader local meaning.

Therein, “affordable housing” refers to residential real estate properties that are priced reasonably and hence available to the maximum portion of the population, which in India is the mid-income group.

Also known as middle class, the mid-income group is a section of the society that although better than the EWS and LIG, is still susceptible to high property prices in their respective areas.

With the introduction of affordable housing projects in Delhi NCR, dedicated especially to the mid-income population, it seems that even the real estate sector is well-aware of what all “affordable housing” can imply.

Some common features of affordable residential properties in Ghaziabad

Among the standard features as noted across some of the most popular affordable residential properties in Ghaziabad, a few are –

• Well-located – With affordable properties being established close to commercial hubs and other prime locations within the city, homebuyers no more have to settle in far-off areas.

• Good connectivity – These properties are not only well-connected to different parts of the city and outskirts via roads but also have different means of transportation available for the benefit of the residents.

• Sound infrastructure – Accessing public infrastructure including schools, colleges, hospitals, banks, ATMs, and so on is not an issue either.

• Load of amenities – To ensure that the residents enjoy comfortable living within these housing projects, they come equipped with various facilities such as power back, 24×7 water supply, lifts, gymnasiums and swimming pool.

• Safety and security – The safety of the residents and their families alongside the security of their possessions is well-taken care of. CCTV cameras, fire alarms as well as professional guards help ensure the same.

• Green-living in practice – Large green spaces, gardens and lawns within these projects ensure that eco-friendly living standards are maintained.

Real estate is among the most dynamic industrial sectors in this country. Affordable housing is one of the most significant and path breaking changes undertaken by this sector in the recent years, and has all the makings to succeed and resolve the habitation issues across the nation.