The Government’s policy of ‘Housing for all by 2022’ is one of the major determining factors that’ll raise of the demand for affordable housing schemes for both the middle income and lower income group of homebuyers. The realty industry is again set to surge after the temporary slack in the realty market, post demonetization.
Some of the reasons for rising demand for affordable homes are listed below:
- Peak pricing in the luxury property market
While affordable housing is in major demand in Indian realty, with a price range of Rs. 15 lakhs to 60 lakhs; the luxury property housing schemes are above Rs. 1 crore. Additionally, the prices of premium residential sectors are likely to reduce, as it involves the builder’s cost expenditure. There are speculations that investment in premium housing will remain stagnant until the current dynamics of realty market become stable.
‘Affordable Housing’ is a part of ‘Pradhan Mantri Awaas Yojana.’ It ensures ‘Housing for all by 2022.’ The government is collaborating with several mid segment property builders for its affordable housing mission.
- Supply of affordable housing in metro cities
Metro cities like Mumbai, Pune, Bangalore, etc. are the primary focus to boost the affordable housing sector. These cities are a major employment hub and are largely driven by young professionals or nuclear families that aim to buy home within a specific budget, thus, boosting affordable housing.
According to the latest Govt. regulations, the investment in the affordable housing sector is surging and has become one of the most attractive investment options. Affordable housing is now a highly profitable long-term investment proposition for realty investors.
If you’re planning to make a profitable investment, there are many Hiranandani upcoming projects. Hiranandani is developing commercial and residential township projects in Panvel, Chennai, and Alibaug. It offers a variety of property options that range from studio apartments, 1 BHK to 3 BHK flats and villa plots.