Affordable Housing Scheme in Gurugram
The government launched the affordable housing scheme (HUDA) in 2013 under PMAY subsidy for the middle class and low-income families to get more affordable houses and simplify the procedure of buying a house. It is a policy in which an individual can buy the apartments at a reasonable price that he can afford.
The policy was mainly launched for rural and urban areas like Gurgaon, Faridabad, Panchkula, Pinjore-Kalka. Now MRG World is supporting the Government policy by coming up with new projects in various places of Gurgaon such as Sector 89, Sector 90, Sector 93, Sector 106, and many more. These sectors are the main and well-developed locations as they are nearest to the Dwarka Expressway and just 20 mins away from the airport. All these projects of MRG World have world-class amenities and all the projects are certified by the government, buyers can also get a bank loan easily.
Affordable housing is creating its place and spreading internationally as well as in the national agenda in India. Housing is recognized as a basic requirement of all families. Governments at every level are discussing different ways to provide housing to every home dweller. The national competitiveness and economic growth will be directly proportional to the comparative efficiency of cities. The quality, availability, and affordability of housing become a prime component in national economic success.
Buying a house depends on many factors like education, employment, household wealth, health, poverty levels, maternal, and many other factors. Today, India is trying to improve its living conditions on a large scale by giving access to affordable housing for its citizens through the launched affordable housing policy.
This article comprises the issues of the affordable housing segment & demand for it and analyzing the discussion on the affordable housing market in India & launched policies to improve the conditions of the citizens in the Gurugram.
Facilities in Haryana Urban Development Authority (HUDA) Gurugram
- Lavish car parking
- Water supply
- Community hall
- GYM center
- Kid’s playground
- Yoga center
Affordable Homes is the fast-spreading real estate in Gurugram. Affordable homes in Gurugram have tried every way and go through so many hardships to provide maximum information about the affordable housing projects to the home dwellers. Affordable housing is an important scheme, launched to make financing more accessible, give interest rate subsidies, or approve terms on security with infrastructure financing.
Affordable Housing describes the housing units that are affordable by the weaker class section of society whose family income is below the median household income and now it becomes one of the duties of the government to take care of the rising demand for affordable housing.
In Gurugram, affordable housing is provided for low-income people, middle-income people, and economically weaker or backward areas sections who have considerably below the average level of income. Its main purpose is to-
- Methods for the prevention of slums including the creation of affordable housing stock.
- Address the need for Housing through Public-Private Partnership (PPP).
- Encourage the activities or services of the Housing Boards and Development Authorities.
- Support the State Governments/ Union Territories to provide incentives to ease the accelerated creation of affordable housing stock.
This policy is aiming to help the low and medium-income population of our country. Even though this policy is for people to get a chance to buy a newly constructed apartment or house at low price rate than market value but there is an eligibility criterion for affordable housing:
- The buyer should be an Indian.
- Buyer should have at least at age of 18 years and a maximum of 70 years.
- Priority for buying a house or apartment under the scheme is given firstly to those individuals who do not have any plot/apartment/house in any places of HUDA.
- Selected buyers are not allowed to allot at any other flat in another colony or city.
In Gurugram, the maximum allotment rate is Rs.4000 per sq. ft. based on the carpet area.
Need of affordable housing projects in Gurugram
Housing is the main component of the nation’s well-being and growth. Many countries are trying to improve their living standards on a huge scale. Affordable housing is one of the major issues which the whole country is facing. According to census report:
In 2001, 72% of the population stayed in rural areas and 28% in urban areas.
In 2011, 69% of the population was staying in rural areas and 31% in urban areas.
People are moving from rural areas to settle in urban areas. In Gurugram, many families are not able to buy houses due to high market prices. MRG world will invest about Rs.350 crore to promote a project in Gurugram. MRG world is developing its interest in the development of affordable housing. The project of MRG world “The Skyline” has housing units and the prices are starting from Rs.25.26 lakhs. Skyline is the upcoming company’s 4th affordable housing project. MRG world’s three affordable housing projects are under development/construction. There is a huge demand for affordable housing projects in Gurugram and MRG is developing its whereabouts in the education, agri, and financial sector.
Benefits of the affordable housing projects in the economical growth of Gurugram
- Greater tax generation
- Creation of job opportunities
- Increased job retention
- High productivity
- Opportunities for economic growth
- Prevent Income inequality due to high-cost housing