Recently the demand for affordable housing society has started gaining momentum in Delhi-NCR, because of which several real estate giants have entered into this segment. In the last few years the real estate market was going through a downfall. But now the things are getting settled.
As per the report given by Anarock, a property consultant, any property which costs below Rs. 45 lakh is considered as affordable housing. This particular segment has seen the sky rocketing demand from the time when the pandemic hit the nation. The demand for affordable housing project has increased to 40 % in 2020 as compared to 32 percent in 2019. Approximately 38 percent of the total demand for affordable housing in the country comes from Delhi-NCR. 32 percent of the total demand for affordable housing arises from Gurgaon followed by Greater Noida with 24 percent, Noida with 18 percent, Delhi with 12 percent, Ghaziabad with 8 percent and Faridabad with 6 percent.
From 2018 to 2020, 79,840 affordable units were constructed in Delhi-NCR wherein half of these belong to the affordable category.Signature Global, one of the well-known names in real estate industry, has launched 19 affordable projects.The group has recently launched their new affordable housing project known as ‘Signature Global Aspire’ in sector 95, Gurgaon. The developer is offering 2 BHK units in 22.45 Lakhs with all the amenities outfitted in it.
Signature Global has successfully delivered ‘Signature Global The Serenas’ in sector 36, Gurgaon, and is now ready with another project named Signature Global Park. SG Park’s first phase is ready for possession.
As per the recent changes in the affordable housing policy, the developer has to provide a free parking space with the flat. According to the new amendment, the capping of limited project area in affordable housing project is now uplifted, because of which several reputed developers have entered in the affordable segment. Earlier, because of the limited commercial space, the margin for developers was very low, but now after the removal of the clause even the renowned developers have started showing their interest in affordable segment as well.
Gurgaon has developed enormously in last few years. The vast expanse of employment opportunities it offers is next to none which is why migrants from all over India have settled in the city. Owing to this migration, the city has seen quick development in real estate sector. Also, the rapid pace of development can be seen on MG Road and Cyber City which ignited development to New Gurgaon and Southern parts of the Gurgaon. This development has resulted in the upliftment of new areas like Southern Peripheral Road (SPR) and Sohna Road.Sohna’s real estate market is more focused on offering affordable housing projects. 40 percent of the projects in Sohna Road lie in the range of 40-50 lakhs.