Affordable Housing to Boost Realty Market in 2021
Affordable housing projects have gained momentum in real estate industry. Seeing the rising demand for affordable housing projects in different parts of India, a wealth of small, medium and large real estate developers have entered affordable housing projects in Gurgaon.
The market is promising, and with the apex bank, Reserve bank of India being positive about the economic growth, the real estate sector would experience a considerable hike in 2021. If you are considering buying affordable housing flats in Gurgaon, then you must know the right time to buy your dream home. Let’s quickly take a rewind and find out what upcoming year has in hand for real estate industry.
2020 kick started with a positive note as the real estate industry hoped to improve upon the mix bag performance of 2019. The first bad news unveiled when the Union Budget 2020-2021 almost abandoned the real estate sector, excluding some good news for the affordable housing segment. The sector took relief in the governmental focus on infrastructure, which would indicate opening up of marginal areas and creating growth avenues. Thereafter, the news of the horrifying global pandemic came, which left everyone clueless and many businesses ruined. However, at the time of lockdown, the realty sector pulled up its socks to minimize the worse impact of pandemic, and also ensured that its voice is heard by the Government of India.
Understanding the deteriorating situation of the sector, the Government of India floated slew of measures and announcements in order to bring revival in the industry. Soon government came in action in a period of six months that has helped the realty sector stay safe from pandemic. The government not only granted an extension to complete projects, but also allocated funds to ensure liquidity, took strict measures to help stuck projects overcome delay, rationalized risk-weightage conditions, announced loan restructuring based on the projects, and linking home loans to LTV.
Dealing with liquidity crunch and minimal activity in lockdown months, like most of the businesses, realty sector also utilized digital platforms for reaching out to prospective home buyers. The impact of digital outreach was immediate as buyers who were sitting idle at homes and had sufficient time at hand devoted time in searching best deals and looking for reliable real estate agencies. This resulted in increased inquiries; moreover few real estate developers of good repute booked homes using online channels. The year saw windfall innovative schemes, and lucrative offers proposed by real estate companies.
The affordable housing segment was the only segment that managed to survive the pandemic’s onslaught merely because it caters to the price range that has maximum demand. There were many factors that worked in the favor of affordable housing which included Rs 3.74-lakh crore liquidity infusion announcement which was made by the RBI on March 27, 2020, the CLSS extension announcement in May, and relief under EPF, etc. The biggest good news for the home buyers, however, was the unparalleled cut in the repo rates, which in turn lead to home loan interests coming down to sub-7%. The COVID-19 global pandemic also worked as a blessing in disguise, especially for the affordable housing sector as the middle class faced a major financial challenge of staying at rented accommodations. The industry saw launch of many affordable housing gurgaon sohna road. There are not only under construction projects available in affordable housing segment but you can easily choose from wide range of affordable housing flats in Gurgaon.
Some of the popular affordable housing projects in Gurgaon include Signature Global Superbia, GLS South Avenue, Mahira Homes 95, Mahira homes 63a, Signature Global the Millennia 3 etc. If you are planning to buy affordable house Gurgaon, then it’s the right time to do it. The market for affordable housing is going to persist in long run for sure.