According to the realty experts,
the latest changes in affordable housing policies will lead to another boom in
real sector across the country. The sector has received additional incentives
such as extra FAR, relaxation in population density, new definition of
affordable housing, etc. from Modi Government, which is now pegged with the
price bracket of units in the range of 50-60 lakh.
Now, as there is more incentive
to build houses for the middle and lower-middle income groups, developers and
promoters believe this will restrain construction of unauthorized colonies and
slums in the country. According to a study on Real Estate and Construction
Industry by KPMG - NAREDCO, the rapid pace of urbanization owing to the
rural-urban migration is putting a strain on the urban infrastructure and the
new policy will go a long way in bridging the demand-supply gap in housing for
this particular income group.
The regions like Noida-Greater
Noida, Sohna Road, Bhiwadi, NH-24, etc. have emerged as affordable locations
with the favorable factors like proximity to Delhi, connectivity and lot more.
In the last few years, these areas have served the whole plethora of options
for end users as well as investors as the prices of residential real estate got
surged across cities. Due to the lack of affordability of property in Delhi,
end users and investors are now moving towards the suburbs of Ghaziabad and
Greater Noida West.
The aspects, good infrastructure
and fast connectivity make Greater Noida West to be considered as one of the
best locations for all those who are looking for affordable housing. In the
near future, this location which comes under the jurisdiction of Greater Noida
Authority is all set to deliver 2.5 to 3 lakh built-up houses. Several
top-notch builders and developers are lining up there projects here. Some of
the big housing projects by Supertech include Eco Village 1, Eco Village 2,
etc. Presently these projects are in various stages of construction.
Next destination in the list of
affordable housing comes 165 - km long Yamuna Expressway. The enhanced
connectivity and speedy development of infrastructure places this location on
the top of affordable segment of housing projects. Yamuna Expressway Industrial
Development Authority (YEA) has launched more than 7,000 affordable houses here
with plans to develop many more in the near future; YEA is also setting
residential, commercial, industrial, institutional and entertainment zones,
apart from gas-based power plant. Apart from YEA, number realty players have launched
their signature projects which include Upcountry and Golf Country by Supertech
Limited.
Once basic infrastructure like
connecting roads, traffic, transportation, etc are improved, the developing
area of NH-24 will be one of the prime locations for affordable houses, says
realty experts. UP Awas Vikas Parishad has also launched a high rise
residential township project Siddharth Vihar Yojna on NH-24, across river
Hindon. The committee has acquired 700 acres and earmarked 10 acre for this
project. The project is divided into 3 categories - Ganga, Yamuna and Hindon
Enclave. The cost of apartments will depend on the size of property and
location.
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