Gurgaon: Affordable Housing projects redefine the realty market The initial footfall in the region of Gurgaon witnessed massive incursion of MNCs and global giants who had setup their head offices and plants & machinery. This ignited the industrial development in the region which later made way for infrastructural expansion. Once the region developed a decent infrastructure and connectivity, real estate developers wasted no time to enter and develop it into a commercial hub. With lots of job opportunities, then came in the demand for housing which has been taken care off very well by several residential projects and townships delivered across the region. Over the years, Gurgaon has now become the real estate hub of NCR with a lot to offer options in residential and commercial properties. The ever increasing demand and rapid progress in infrastructure of the region made the prices rise parallel. Today, Gurgaon has become one of the costliest cities in terms of affordability in NCR and most interested buyers fail to afford a property in this region. Therefore, understanding the value for ‘homes for all’ and an aim to fulfil the current government’s dream for ‘Right to home’, several experienced developers and newcomers in the region are offering projects that cater to the affordable segment of real estate. Off late, Gurgaon has been witnessing a massive footfall by new entrants in the realty sector with ample of professional experience riding with them in diverse fields. Being empathetic with the significance of ‘homes for all’; several projects are being launched under affordable segment which now days is a rare sight in a region like Gurgaon. But when we speak off affordable homes, we must first ask, affordable for whom; is it affordable for those earning Rs 8,500-40,000 per month, who comprises 40 percent of our populace and fall both in the formal and the informal sectors? And if this is the case, what about the housing needs of these 40 percent? Where are the builders to develop such properties? And, critically, where are the banks which will dole out the loans? The answer for all these questions is the same – as good as none. Pradeep Aggarwal, chairman, Signature Global, who is coming up with an affordable residential complex in conjunction with the government of Haryana says, “To successfully enter and remain in a market, it is most vital to understand the needs of the public. Gurgaon today has become one of the most costly destinations of NCR with so high demand and customers find it hard to afford a property and end up renting a flat for life. We wish to enter this region with a single aim of
enhancing the living standards of people by offering them the best region at the best quality and price. With our focus and determination in place, we are getting ready now and will soon announce the launch of our maiden project.” Realty major Ansal Housing has also entered the affordable segment with projects in Gurgaon, Agra and other cities. Kushagr Ansal, director, Ansal Housing believes that “One of the most important thing that a developer needs to understand today is, how to create a right balance in the economy and how to synchronize with the objectives of the government. If we develop a lot of luxurious or ultra-luxurious projects, we will end up creating a huge gap between demand and supply and thereby, increasing inventories.” Today, majority of interested customers are looking for a property that they can afford and meet their necessity, i.e. affordable houses. Therefore, if developers focus more towards affordable segment, not only will the aim of ‘right to home’ be achieved but there will be a better demand and supply analysis available, which will help the sector in the long run. Hrishi Kumar Hrishi is a young management graduate with experience in the field of branding and marketing.Currently, he is the manager at Integrated Centre for Consultancy Pvt. Ltd (ICCPL) The views expressed in this article are author´s own Source: CommonFloor.com For Latest Updates on Real Estate Updates, Property News and Cities Infrastructure Developments Visit: http://www.commonfloor.com/guide
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