“What is affordable housing like in Gurgaon, with its elevated lifestyle, urbanization, and elegant societies?” You may think, given that Residential Flats varies in meaning for different demographic profiles. Especially in the Indian real estate market, affordable housing has a connotation of housing for the lower income group (LIG), so that they too can enjoy a comfortable and safe life. With the incumbent government’s focus on this section and more on affordable housing, it appears that the real estate sector has been able to get the boost it had been waiting for lately.
However, there is an important trend to be aware of before the government claims that your affordable housing project is a success. The term affordable housing, in different contexts, also has a local meaning. Accordingly, affordable housing includes housing options for a segment of the population that can become potential home buyers in a city. If we take this definition into account, there is a considerable population in each city, which although it will not identify with the LIG or be included in it, is equally incapable of allocating a large budget for the purchase of houses. Not only are you sensitive and wary of costs, you hope to find a decent budget size home within the city realms. A typical example is that of residential flats in Gurgaon, which, although well furnished, are still not within the budget for the middle class.
When we take the demands and needs of this population a little more seriously, we find that there is a shortage of properties in good locations within the city that buyers can afford. These buyers are often on a budget of INR 30-40 lakhs, but more cities, including Delhi NCR, have a shortfall of properties that match this budget range. Typically, properties around INR 20 lakhs are still on the outskirts and lack good transportation and other facilities required by the urban middle class. This means that there is indeed a requirement for more housing in the affordable housing section, where different demographics can find properties for themselves.
There is an urgent need for developers to propose affordable housing projects in the largest cities. As modern India moves towards growing aspirations and development, affordable housing and the security that goes with it increase. This seems to be a great opportunity for developers who can count on a boost in the real estate industry. Greater absorption of housing projects in urban cities is also a strong indicator of the country’s socioeconomic growth, projecting a positive image. While demand is strong and only increasing, there are many policy-level changes that need to be made.
Affordable housing for the middle class will not only prove to be a sustainable business model for the future, it will also allow more cities to rise through the ranks. The most affordable housing projects will assure developers that they are not fighting inflation or even economic downturns. Another trend to channel is that more real estate investors are now looking at affordable and budget housing projects. Where luxury homes and premium homes are struggling to get through a tough economy, affordable homes are still on the move. Healthy demand, in addition to the constant inflow of more money from investors, means a healthy microeconomy. Now is the time for the builders and the government to test this proposal, ensuring that the overall development of the country happens everywhere.
The residential flats of the Gurgaon-based real estate company in Gurgaon include its massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103 ), Roselia (Sector 95A), Serenas (Sector 36) and Los Milenios (Sector 37D). Currently, the Gurgaon-based real estate company’s Signum project offers retail stores on Gurugram in sectors 36, 95A, 93, 103, 71, 81 and 107.