The government formed by Mr Narendra Modi stepped in with a promise to make India a better place on the very onset. Pleasingly, the government has kept its words and is making people of India feel that it’s their land. A bold step by the government to offer abodes to all those who need a roof for upbringing their children comfortably and breathe a sigh of relief. There is a plight of such people in the country which undoubtedly is something to think over. Millions of middle-class families save money to fulfil the dream of their own home, however, sky-high prices are the biggest reason that they are not able to afford a home. With this in mind, Affordable Housing scheme got launched which assures to get people homes at a very lower price.

Further to the discussion about Affordable homes, let us begin with Haryana, a state that is expected to open doors for opportunities in terms of abode, jobs in IT and other sectors, etc. Gurgaon, the Millennium City of the state is a shining star which has had incredible growth with pace in last few years. However, prices of high-rise and low-rise apartments in Gurgaon are extremely high and not in reach of average income. The highly affected real estate market has barely seen new developments in past few years. Affordable housing policy launched in 2013 is not taking finer shape in Haryana with the contribution of renowned builders including Tulip Infratech, Adani Realty and Signature Global.

Approx. 60,000 homes launched under affordable housing scheme are available for sale in the state. The built-up area of the homes ranges from 400 sq. ft. to 600 sq. ft. According to planners, the Haryana affordable housing policy is for middle-class people whose average monthly income is Rs. 40,000. An appreciable thing is that the affordable houses are available in well-established areas. Most affordable houses in Gurgaon are located in the new sectors including Sectors 58 to Sector 115; some of the Affordable Housing Projects are in Sohna under the Sohna Urban Development Plan. Prices of these houses are almost equal to the other projects in the locality, nonetheless, buyers need not pay any EDC (external development charge) or IDC (internal development charge). Moreover, consumers of affordable housing are getting super area and not carpet area.

Gurgaon has received 35 licenses for developers for 202 acres of land. Nine licenses of these 35 are issued in Sohna, the South of Gurgaon.

Adani Realty, one of the prominent real estate developers has propelled an affordable housing project named Aangan in Gurgaon in Sectors 88A and 89A on Dwarka Expressway. The project has 838 residential units and is in queue to get environment clearances. Sanjiv Tyagi, venture head says “We may also add another 300 units to the same project and have applied for an additional license. We are also hoping to come up with more projects under the segment, probably beyond Panipat”.

Another reputed developer Signature Global has launched five affordable housing projects. For the fifth launch, the group raised Rs. 150 Crore from ICICI Prudential Fund. The project is known as Orchard Avenue, located in Sector 93, Gurgaon. The location of the project is expected to have a large number of residents in the coming future. Orchard Avenue offers approximately 729 units with 1bhk and 2bhk flats. The cost of 1bhk and 2bhk abodes in the project is Rs. 13.80 lacs and Rs. 22.17 lacs respectively with the cost of Rs. 4000 per square feet. The co-founder and chairman of Signature Global Pradeep Aggarwal says “We currently have a pipeline of more than 7,500 homes in Gurgaon. The group already has projects in Sectors 107, 93, 81, 71 and 103. Under this scheme, EDC and IDC have been waived and builders exempted from service tax. We plan to launch four more projects in this segment this year.”

These affordable housing projects are the best option for those who are drawing Rs. 40,000 per month and paying Rs. 15,000 rent which is a big monthly expense. They can pay the rent amount and may be some additional amount to the bank as EMI and own a home with no worries about capital. They can access around 90% loan with a payment period of 20 years – to be paid in only six portions, he adds.

Moreover, the time-linked plan makes the payment easier as consumers need to pay 5% of the total cost of property and rest of the amount will be paid on distribution. The payment flow goes like the buyer will have to pay 12.5% of the total cost of the property after six months as first installment, second installment after twelve months, third after eighteen months, fourth after twenty-four months, fifth after thirty months and sixth and last portion of the pending amount will be paid after thirty-six months of date of distribution.

This is how Haryana government makes it easy to own a property in Gurgaon, Sohna and other locations. We hope to see many steps towards betterment by the government in the coming future.