During the global economic recession property market in India went through a phase of slackened demand. Even the working population of India went through a bad phase of lay offs by their firms to stabilize occurred losses. The number of job openings was few in the market declining the financial capability of common man. Therefore the prevailing recession during that phase made it difficult for the real estate developers to find buyers for their over priced properties. Consequently they started planning low margins of profit on high volume of selling. In the process, realty developers have begun launching low-cost residential projects in Indian cities.
The development of low cost residential apartments is known as affordable housing. It facilitates cheaper houses thus providing an opportunity of buying homes to the middle class majority of India.
Many real estate developers have launched variety of property projects in the major Indian cities such as Delhi, Chandigarh, Gurgaon, Noida etc.
Presently the concept of affordable housing in city Gurgaon is creating a huge demand. Although options of affordable houses are not much but many projects are lined up. You can buy cheap property in Gurgaon in the sectors which are not much developed or under development. Presently, the cost of property seems to be affordable in such places but in few years time it will rise up to an unaffordable price. The prices of affordable houses range approximately between 25/35lacs to 40/50acs. Real estate developers are focusing on affordable housing due to the enormous demand in this segment.
Property Gurgaon in most of the locations is very expensive and is beyond the reach of middle income group. In fact the new Gurgaon is very expensive to settle in. Developers are launching many affordable projects in Gurgaon–Manesar, Gurgaon-Jaipur stretch. The prime city locations are saturated with very few upcoming projects having quite expensive rates.
Some of the top builders launching their projects in the city are Omaxe, DLF, Ansal, API, Parsvnath, BPTP etc. The fabulous residential and commercial projects erected in the city by these builders till now have completely transformed the old Gurgaon village to a progressive millennium city. Many builders are in the race of acquiring land in Gurgaon to build their projects.
