The slow-down of real estate market may rise-up this year. According to the source, the launch of affordable housing in Haryana state will go upwards which effect the real estate market of Haryana state.
Haryana Government’s Affordable Housing Policy 2013 is mainly responsible for the launch of these affordable housing project. Under the scheme, many developers launched number of housing units at different locations.
According to the source, around 60,000 housing units under the scheme will be launched by developers — Adani Realty, Signature Global and Tulip Infratech. Majority of 57,000 apartments measuring about 400-600 square feet are up for sale in Haryana.
The scheme meant to attract middle income group of the society.
The housing projects are also located in established sectors. In fact, the prices of these units are close to the market value of other projects in the vicinity but what is offered to the consumer is the super area, not the carpet area.
No external development (EDC) or internal development charge (IDC) has to be paid.
Most of the projects under the scheme in Gurgaon are located in new sectors from sector-58 to 115 under the Gurgaon Manesar Urban Complex 2031 and few one are being floated under Sohna Urban Development Plan.
According to the information, the directorate of town and country planning in Gurgaon has so far issued 35 licenses to developers for an area measuring 202 acres. Of these, 9 licenses have been issued in Sohna.
Aangan an affordable housing project at sector-88A and 89A launched by Adani Realty under the scheme. The project head of Aangan, Mr. Sanjive Tyagi said that the group has launched around 838 units under the scheme and is waiting for environment clearances. “We may also add another 300 units to the same project and have applied for additional license. We are also hoping to come up with more projects under the segment, probably beyond Panipat”, he added.
Orchard Avenue is the recently launched affordable housing project of Signature Global at sector-93, Gurgaon. The developer has raised around Rs. 150 crore from ICICI Prudential Fund for this project. It is the fifth affordable housing project of Signature Global. 729 units of 1BHK and 2BHK flats are being offered by the developer in the scheme in a price range of Rs 13.80 lakh to Rs 22.17 lakh at a carpet area cost of Rs 4,000 per sq ft.
The Chairman and Co-founder of Signature Global said that we currently have a pipeline of more than 7,500 homes in Gurgaon. The group already has projects in Sectors 107, 93, 81, 71 and 103. Under this scheme, EDC and IDC have been waived and builders exempted from service tax. We plan to launch four more projects in this segment this year.
Who can go in for affordable housing? People with a salary of around Rs 40,000 per month paying a rent of `15,000 per month can opt for it. They can access around 90% home loan with a tenure of 20 years – to be paid in just six instalments, he explains.
Under the time-linked plan, if the cost of the unit is Rs 22,17,125, the buyer will have to pay 5% of the total cost of property at the time of application and 20% at the time of allotment. The first instalment (12.5%) of the cost of the property will have to be paid after six months, the second after 12 months, the third after 18 months, fourth after 24 months, the fifth after 30 months. The last instalment is paid after 36 months of the date of allotment.
In Gurgaon, affordable housing has been launched in sectors where density has reached its optimal level for group housing societies. The floor area ratio (FAR) offered is more than what one would expect in a normal group housing project. Instead of 1.75, a developer gets 2.25 (about 35% more) to develop this format. While a clubhouse might be missing, basic facilities such as crèche, community hall etc are included in the projects.
Source: https://www.hindustantimes.com/