All of us want to secure a space for our living. But due to the rising inflation in our economy, owning a shelter for common man has turn out to be the biggest challenge of life for the majority population. Although housing facilities in India gives us numerous options to choose from but are they affordable for the lower and middle income groups?
Scenario worsens in metropolis cities where migrating population is quite high due to the employment opportunities but the soaring living expenses demand affordable housing. As per estimations we are still facing dearth of housing in our country which includes the economically weaker sections (EWS) and Low Income Groups (LIG) who are unable to afford a shelter to dwell.
Although wealthy class of Indian society is the most popular category to strike the interest of the builders and developers to launch their overpriced and sumptuous projects but the EWS, LIG and MIG population are far more in count to create slump in the market.
The global market slump initiated in 2008 has incurred heavy losses on the builders and developers. The slowdown witnesses a revelation that in order to achieve the desirable sale targets for the projects, realty developers need to retune the project pricing at an affordable value to cater to the bulk population of lower and middle income group.
In fact, the recession impact has benefited the moderate and low income groups with falling property prices to some extent in major metropolis cities like Delhi, Mumbai, Hyderabad, Bangalore, Kolkata, Chennai, Pune, Gurgaon, Noida, Greater Noida etc.
The developers are currently targeting lower margins & high volume sale to compensate the loss during the slow down phase. They are launching projects with wide-ranging options of 2 / 3/ 4BHK apartments in an affordable range. Within a project, you may opt for the low rise floors at comparatively cheaper rates than the high rise luxurious flats. The strategy is to target the different income groups of the society to maximize the sale.
Various banks have also announced their tie-up with real estate developers to provide loans on reduced rates for affordable housing projects in India. Many renowned builders of India have announced the launch of projects with affordable housing namely Ansals, DLF, Omaxe, BPTP, Unitech, Vatika Group, Raheja etc. They are coming up with residential projects in multiple cities at the same time.
The projects may include 1/2/3/4 BHK apartment for the Lower Income Groups, Economically Weaker Class and Middle Income groups respectively. The price range usually varies from 10-30lakhs for 1 &2BHK flats, 30-50lakhs for 3bhk flats and 50-65 for 4bhk flats approximately.
Thus, there is no denying the fact that the stage is set for the Indian housing facility where everyone will own his/her shelter in Indian cities.
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