Real estate, the name itself stands for one of the most expensive market existing. Every year, the real estate sector is known to attract a lot of potential property buyers as it involves an enormous quantum investment in it. As many people still believe that investment in real estate is a costly affair, there is an entire segment in the real estate market dedicated to developing affordable housing.
The affordable housing is considered as one of the most vibrant segments in the real residential market. Thus, it is anticipated to drive the Indian Realty in coming future. Many Indian developers are developing projects in affordable cities across the country to target middle and lower-income holders. Furthermore, the government has also taken the initiative to encourage affordable housing. Thus such houses are blooming in the following cities,
The central city of Mumbai is on the verge of going off-limits to ordinary people due to sky-rocketing prices of properties and unavailability of space to develop projects. However, this has resulted in the development of a new city, Navi Mumbai. The newly established city of Navi Mumbai is intended to be a town with affordable housing in the Mumbai Metropolitan Region.
CIDCO (City and Industrial Development Corporation of Maharashtra) is at the charge of planning a well-structured residential structure around the city. They have announced that they will be using a 100-hectare land to construct 10,000 new affordable houses.
Moreover, CIDCO is developing a modern township near the new airport in Panvel named as NAINA (Navi Mumbai Airport Influence Notified Area), which will be spread the plot of 3,000 acres. The price range of houses in this area is Rs. 30 to 50 lakhs.
Hyderabad has re-invented itself as one of the most affordable metro-cities. In the last few years, the IT sector has boomed in Hyderabad. Thus this new population has become a driving force behind the increased demand for residential places in the city.
Moreover, factors like growing workforce, excellent infrastructure and competitive housing rates have favoured the growth of real estate in Hyderabad. Currently, the city is offering plenty of affordable housing options in the range of Rs. 30 to 50 lakhs.
The government policies and increasing demands worked together to accelerate the development of affordable housing projects in Kolkata. Many housing finance companies have come together to develop affordable plans within a range of Rs. 20 to 35 lakhs. Housing projects are being aggressively built in the localities like Dum Dum, Andul, Khardah, Rishra, Barasat and Serampore.
The Municipal Corporation of Kolkata had given Rs. 1,800 crore for the development of infrastructure of the city. This resulted in an overall improvement in various systems like solid waste management, road development, water supply and sewage treatment. The easy availability, as well as many options of home loan, has made the process of buying a house easy. Many people are willing to invest in real estate. Thus many developers are building affordable housing projects to keep the market hot.