Of late, the government is undertaking corrective initiatives to promote the agenda of ‘ Housing for All by 2022’. Over the last few years, the price ranges of flats in Kolkata, New Delhi, the NCR region, Pune, Mumbai, Bengaluru and Chennai were out of the reach of the medium-income buyers. After the declaration of the Union Budget 2017-2018, there is a renewed effort to take up the cause of affordable housing for all. However, the stage for this was set long before the proclamation of Union Budget. Some eminent real estate builders were already developing affordable housing projects in the metropolitan and tier-II cities.
More and more affordable housing projects:- The current economic phase that India is going through restricts the buyers to be experimental with their budget. The real estate industry experts opine that developers should focus on affordable housing projects rather than be experimental with luxury apartments. The top real estate builders in Kolkata, Delhi and NCR regions have ventured into the affordable housing industry.
The good news is that the buyers are getting more choices to select their desired apartments. To make the housing projects more attractive, the developers are incorporating modern amenities with them. Gone are the days when the only concern would be the quality of the housing projects. Keeping pace with the green norms, the housing projects include landscaped garden areas and water bodies.
Many housing projects are partially self-reliant like those that include the gyms, club houses, swimming pools, spaces for nature walk and children’s playing arena. Such projects were built in the past too. The new thing is that these housing projects are developed keeping in mind the budget limits of the middle-income buyers.
Easy funding:- The new year has brought back the smile on the faces of the home loan borrowers. Big banking institutes like the SBI has cut-off its home loan rate, sharply. Recently, SBI has reduced its MCLR or the Marginal Costs of Funds Based Lending Rates. The economic experts give credit to demonetisation for which the deposits got more money. This had compelled the bankers to slash down the lending and deposit rates.
Flexible FDI norms:- The closing down of the FIPB and e-processing of the FDI applications are the precursor to future reforms of the policy. In future, greater FDI funds into the sector of the real estate would promote more affordable housing projects.
The prospective buyers of real estate in India who belong to the middle-income group have now held the position of power to put their demands in the forefront. The real estate developers are leaving no chance to woo them. The condition is favourable for the buyers and more opportunities are there to be explored.
