Recent TOD Policy Pushes Affordable Housing In Gurgaon The introduction of new TOD policy as recently notified by Haryana government will help push the affordability in Gurgaon and Faridabad. According to Pradhan Mantri Awas Yojana, 2.3 million homes need to be delivered by 2022. The existing gap between the increasing urban population and less number of affordable houses, due to rising cost of living has demanded nation to implement policies and schemes to solve the housing issue in urban areas. Seeing the problem our government has already started to see out of the box and taken up tools like TOD (Transit Oriented Development), increasing FAR (Floor area Ratio) affordable housing schemes, rehabilitating slum areas and providing subsidiaries to the first time home buyers.
Transit orient development will solve many problems prevailing in our country especially in urban areas. It will improve the infrastructure as well as increase the supply of housing stock and land this will bring down the prices and improves affordability of new developments. Unlike earlier when only upper and middle class were able to buy houses as developers were building only luxury end projects. But now with Pradhan Mantri Awas Yojna and TOD policy it the price for houses in the city will go down. TOD opens up better opportunities for private real estate players in the market too. These developers bring in venture into the urban city’s expansion and returns, it will also help cross-subsidize of social amenities, affordable housing and public transport, using a variety of potential development tools and strategies.
Housing for all schemes seems to have many benefits from TOD policy as TOD will initiate good mobility options for every citizen. People will use more public transport than private vehicles providing flexibility to home buyers. The lower income group (LIG) and economically weaker section (EWS), those were not able to own a house before in Urban cities can now have a proper house in decent condition under PM Awas Yojana.
Source of Content – https://realestateprojectsblog.wordpress.com/2016/07/07/recent-tod-policy-pushes-affordablehousing-in-gurgaon/