GURGAON TO BE THE NEXT AFFORDABLE HOUSING HUB IN NCR

NCR has always been a preferred destination for real estate stakeholders; be it investors, end users or even developers. Amongst the golden birds of NCR, Gurugram (Gurgaon), Noida, Ghaziabad and Delhi, Gurgaon has been favoured the most due to the infrastructure it offers and connectivity it provides with the National Capital. The charm of offering luxurious properties and big commercial setups near the presence of the only Airport of NCR, Gurgaon always received the best of potential buyers either working in the region or commuting. Due to enormous industrialisation and commercial setups, the demand for housing was always been there in the region. And as the development was observed, more job opportunities came and paved way for higher residential demand. Thus, developers wasted no time to come out with housing projects to meet the erupting demand.

As the years passed on, investors and end users kept on booking and selling the units on the then newly launched projects to earn greater returns that gradually made the prices appreciate. As a result, prices became so high that buyers had started to search for other economic options or started going ahead with rented accommodations. This way, the demand for new construction has been considerably decreasing because of the cost factor making a hit on the pockets of the customers. Affordability is a quotient which is defined by the income of an individual or in case of a general census, it can be defined by the per capita income of a region. Herein, with the GDP keeping a high percentage of the population under the fulfilling requirements of an affordable house in the budget of INR 15 – 25 lakhs, needs for affordable houses are set to be high in the coming years. If one talks about NCR, the entire population cannot be expected to be of the same living standards and hence the requirement for affordable homes is increasing day by day. The areas which were easily accessible and were considered prime locations have all been engulfed under premier projects but latest developments indicate that still there is something left for the affordable housing segment.

A lot of cities are observing tertiary development in extended regions which remained untapped during the first phase of real estate developments. On a similar note, Gurgaon is also observing development of affordable housing segments in the newly developed sectors of 58 – 115. This will comprise a big portion of the Gurgaon – Manesar Urban Complex 2031. There are plans to develop the south of Gurgaon along with Sohna as well under the Sohna Urban Development Plan. With the government’s strong emphasis on affordable housing and tax incentives extended, as well as the cautious approach by end-users in other segments, developers are betting on this segment. Developers in Gurgaon have applied for licences under affordable scheme for more than 400 acres of land, whereas the state government has been able to grant licences for only about 200 acres. This itself explains the extent of demand which the affordable housing segment is bound to witness in the near future or atleast till the mission of Housing For All is not achieved as has been announced by the Union Government a couple of years ago. The Haryana Urban Development Authority (HUDA)’s interference has also gained the trust with which the industry came to deliver numerous projects under this scheme. Over the time, near about 50000 units are up for sale in the district. After demonetisation, where the other sectors and the real estate market too losses it’s pace, Gurgaon’s affordable housing is moving ahead with the same pace it worked before and projects are being launched in the same way. This shows the rise in demands under the affordable housing development of Gurgaon.

Some of the prominent developers like Signature Global, Raheja, Tulip Infratech, GLS/Pivotal are the front runners of the scheme and have stretched the development towards Sohna as the south of Gurgaon and the other sectors of the district. After successfully delivering iconic affordable housing projects in Gurgaon, Signature Global now plans to launch more residential apartments under the Affordable Housing Project proposed to be developed as per terms and conditions of the policy prescribed by the Town & Country Planning Department, Government of Haryana. Infact, some of their on – going projects are running before the stipulated the time and are heading towards early completion. Speaking on this current trend in the market, Pradeep Aggarwal, Chairman, Signature Global; a renowned name in the segment of affordable housing development, says, “The administration over here in Haryana has been very keen in promoting causes of uniform goodliness. Affordable housing is one such initiative of the central government which has gained much popularity in the past couple of years and purposefully it serves the purpose of housing for all because food, clothing and shelter are the basic necessities of human life. Also, in the current scenario, with HUDA being proactive towards granting licenses for affordable housing projects, the approvals and clearances are all timely because the kind of segment you are catering, you cannot expect them to take their money and make them wait for eternity. It is neither ethically nor morally correct. Hence, one needs to stick to strict timelines that have been defined for affordable housing development in the nation.”On similar lines, Kaushal Nagpal, Co – Founder, BookingKAR shares his views on why there should be equal impetus on affordable housing and how it will help maintain the balance in the economy. He says, “Owning a home in Delhi/NCR is always a dream for a middle class family. With affordability ratio at lowest i.e. 4.1 it’s a good time to book home. Economic indicators post demonetization would support all to have their 1st home and upgrade a well. Gurgaon has always been one of the topmost destinations at the backdrop of Airport, IT multinationals and Institutions. We expect a decent traction in Gurgaon market during next calendar year

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