How and Why Affordable Housing is Becoming Need of the Hour?

Since the past ten years, India has become a hub for housing projects in different sectors. This includes luxury apartments, mid-segment housing, upper mid-house segment and many more. While a lot of people are interested in investing money in high-end properties, a larger section of buyers is still eyeing the mid-income or commonly known as ‘affordable housing’. Since, the demand is high for such projects, supply has become rather pale. Builders these days are concentrating more on planning out projects that fetch them more money with little efforts. However, due to this notion, investors who are interested in buying affordable properties in India are left with the scarcity of it.

There are a few parameters that define affordable housing in India clearly. Some of them are as follows:

Basic Amenities

Provisions of basic amenities such as clean drinking water, adequate supply of water, sanitation, etc., are necessary in any housing/commercial property. There are a lot of builders these days that are promoting these facilities in their upcoming projects but are not able to deliver them after possession of properties by buyers. Hence, before finalizing a single developer, it is very crucial to take note of the services being offered by them.

Cost of Property

One of the most note-worthy thing before buying an India property is the obviously the cost associated with it. At the time of assessing property prices, it also becomes important to keep track of the costs you are going to bear after actually buying and maintaining that place. The key to build any housing project is to use sustainable and low-key maintenance features that do not require regular attention of both buyers and developers.

Property Location

Affordable housing in India also means finding a perfect location with almost all of the facilities that a buyer’s dreams of. One of the most imperative aspects of affordable housing project is to build it in a location that is directly linked to daily transport facilities and other basic locations. If the location is far away from workplace, it becomes rather difficult for people to commute to work on a daily basis. Therefore, if a person is buying affordable housing there should not be pricey transportation associated with it.

Apart from the aforementioned features of affordable housing, builders should also take in account the income of buyers. There is a common notion that with an increase in incomes, affordability of properties also grows, but it is not true in each and every example. On top of it, various regulatory and urbanization issues keep pouring in for developers. There is already a huge demand in land space in urban India and with such drastic increase developers have to find a way to introduce a simple of building affordable housing in India.

In today’s times, whenever a builder announces new projects, they instantly have to get government approval along with all the facilities for the future residents of the house. With such implication, it becomes difficult for them to keep track of mere necessities. Thus, with the demand of luxury properties in India, affordable housing is also making its way amongst various hurdles and regulations.