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The Common man-middle class and the upper middle class are the segments which are capable of buying a house which is affordable and not the wildly expensive kind. The demand of the millions of Indians for the affordable real estate has resulted in a rise in affordable housing development. Thankfully, this demand has been heard and acknowledged by the real estate sector, which is why we now have housing that is priced at more realistic ranges and can be afforded by most people and income groups.
Study after study conducted by renowned real estate rating agencies and consulting firms (such as Liases Foras) has shown consistent data pointing to the fact that people in the top five cities in India (Chennai, Hyderabad, Mumbai, Delhi -NCR, Ahmedabad) are demanding affordable housing and this number has gone up. This demand has led to real estate developers launching projects that are affordable and does not exceed INR 50 lakh in these cities as well as in other Tier II and Tier III cities. This demand also extends to the areas in the periphery of larger cities in India, such as the outskirts or suburbs of metro cities.
The potential for affordable housing
The present status of infrastructure in urban Indian leaves much to be desired. Availability of housing, in particular, is a key stress point–about 80 million households in India are estimated to be living in slums, for want of affordable housing. As the Indian middle class expands, the demand for affordable housing is likely to increase even further. Consequently, the potential market size for affordable housing in urban India is forecasted to grow about 1.5 times from an estimated 25 million households in 2010 to 38 million in 2030. The maximum potential is believed to be in the rich Tier 1 cities that have a considerable mass of urban poor, and in lower-income Tier 4 cities.
There are other factors that could lead to greater accessibility and creation of affordable housing. These factors are the benefits for the affordable housing category and the Housing for All programs that are being talked about by the government. These, combined with the demand, could lead to developers creating and launching even more affordable housing projects in all the major cities and towns across the length and breadth of India.
The changing social fabric of India is also another factor that has resulted in greater demand for affordable housing. Earlier the joint family system was a norm but today more and more youngsters are choosing to live independently, both before marriage and after marriage. With families being limited to one child only, there is a great demand for 1 BHK, 2 BHK, and studio apartments, which the real estate sector is responding to with speed. 1 BHK and 2 BHK category of Dream Homes in Wave City is one of the answers to such demands by small and nuclear families.
The government has also extended tax benefits to the people on their housing loans along with other incentives, which further encourage people to seek out affordable housing. The migration of people from towns and villages to cities and metros in search of employment, opportunities and higher studies is another factor that leads to the rise in the rental sector, which again has relation with affordable housing. Many people also choose to buy an apartment as an investment and rent them out to families looking for reasonably priced rental accommodation.
The booming economy and rising pay-out have made it possible for people to buy homes at even younger ages than the previous generation, but only so long as it is realistic and affordable.
Affordable Homes on National Highway 24
NH24 Bypass or the National Highway 24 stretch is a 438 Kilometer-long stretch from Delhi to Lucknow and is one of the biggest and most important highways in India. There are 13 ready projects offering close to 4,500 units and 31 projects with over 21,000 units that are under construction. The area has a large number of integrated townships like Wave City which is based on Hi-Tech City concept.
Key points to look out for include:
• Major ongoing infrastructure projects including an extension of Delhi Metro up to the Ghaziabad and New Bus stop.
• Widening of the highway from a 4-lane into 4-lane will ease congestion and improve connectivity to Delhi, Ghaziabad and Noida.
• Healthcare facilities include the Columbia Asia Hospital, while educational institutes like Ryan International School, IMS Ghaziabad and others are already present in the vicinity.
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