New Delhi [India] Apr. 27 (NewsVoir): The National Capital Region (NCR) which was sparsely populated area some thirty years ago has got good population now.
Rapid urbanisation, incredible employment options and non-availability of affordable land at Delhi have turned NCR one of the fastest-growing region for the affordable sector.
The government push to the affordable housing segment has helped in the development of the segment.
As per the "housing for all by 2022", the focus of affordable housing is transmitted to the partnership of public and private sectors.
In such juncture, the private developers are poised to enter in this segment abundantly.
"With the prevailing government schemes towards real estate sector, many states are seen to have come up with commendable affordable housing policies. The private realtors are welcoming the policies with a strong push providing a wide range of options to the end-users in the affordable housing sector," said Ssumit Berry, Managing Director, BDI Group.
BDI Group is focusing on affordable housing by working in line with PMAY. They have their projects at Bhiwadi and Alwar.
"The government awarded an infrastructure status to the affordable housing segment and the carpet area has also increased. This is encouraging the developers and will create more affordable supply as well as drive demand from genuine end-users," added Ssumit Berry.
RERA whose main function is to bring transparency and accountability in the sector is helping in the development of affordable housing in the NCR.
GST has simplified the tax system in the country, work in the same direction.
"The government has announced few tax benefits in the form of GST to encourage more developers but the turnaround will be difficult without access to cheaper financial capital, cheaper land, faster permissions and buyer's incentive for buying an affordable home. These incentives will act as a catalyst bringing developers and end users in win-win situation," said Gaurav Mittal, MD, CHD Developers Ltd.
NCR enjoys better connectivity with the neighbouring areas.
The Delhi Metro, which already covers a large part of Delhi, Gurugram, Faridabad, Noida and Ghaziabad, is soon going to become a denser network. With coming of new lines, the Delhi Metro will move to farther areas in the NCR.
The area offers better social infrastructure and conveniences in comparison to the neighbouring area.
However, transaction volumes is improving day by day in NCR much, this will lead to an increase in the sale of affordable housing in the coming time.
"Budget 2018 and the incentives announced have given a much-needed push to affordable housing. The establishment of a dedicated Affordable Housing Fund (AHF) will further support the objective of achieving the Modi government's ambitious "Housing for all by 2022" mission. NCR because of its employment options will always be at centre for affordable housing," said Yash Miglani, Managing Director, Migsun Group.