Increasing population and escalating urbanisation
have significantly reduced the area for developing houses in the country. Although
modernisation has made inroads in to far reaching corners, there are still
various sections of society that survive on a meagre income that is not enough
to afford even the basics. Due to myriad socio-economic factors, there are many
who are striving hard to make housing decisions that are in sync with their
income. As a major chunk of the Indian population lives on average incomes, real
estate firms have started focussing more on boosting the segment of ‘Affordable
Housing’, in the country.
The term ‘Affordable Housing’ is
related to the housing sections that can be afforded by those people of the
society who earn median or less than median income. As India is a developing
country, a large number of people still survive on medium or low disposable income
which doesn’t allow them to purchase houses at the prevailing rate. Affordable
housing meets the needs of such households efficiently. If the housing price
does not cross 30% of the total income of a household, then the housing can be
said to be largely affordable in India. But if the cost exceeds, then the
housing becomes unaffordable for the low or median income households.
The increasing demand for affordable
housing has urged real estate players to woo builders to develop such projects
in the country in order to cater to the huge number of people who fall under
the category of low or median income earners. By providing suitable options for people to
live in, affordable housing protects them against skyrocketing housing prices.
The government, in its bid to encourage affordable housing is also facilitating
people with loans that are easy and hassle-free to obtain. This is encouraging real estate developers to
offer housing plans that accommodate the acceptance of loans and payment in
installments from credible lending sources.
It is estimated that, by the year
2025, half of the population will settle in urban cities for growth in income
and for better lifestyles. This will probably result in dearth of affordable
houses in the country. In order to address this looming problem, real estate
giants are taking up new ‘Affordable Housing’ projects that will not only lead
to an upsurge in their sales but also provide people with the basic needs of
life. This is the reason why, affordable housing has become a buzzword in the
realm of real estate and also among potential customers.
With various problems like
unavailability of land, inadequate city planning and lack of finances for the
middle-class, the industry is finding it hard to serve and satisfy the
customers belonging to the median or low income group. In such a scenario, it
becomes necessary for players to launch ground-breaking housing models by
judiciously utilising the available resources. Without compromising on the quality
of houses, the companies need to rev up the development of houses in order to
build and retain loyalty of their patrons.
The concept of Affordable Housing is
attracting hordes of people to opt for such properties to save themselves from
the threat of exorbitant market prices. It is the immense effort of Housing
Partners, Government, Investors, Private Sector and NGO Partners that lay the
foundation for a successful low-cost housing project. The burgeoning
problems related to affordable housing in the country can be best addressed
when the collaborative efforts of the aforementioned entities are put into
action.
The pillars of the real-estate
industry often witness tumultuous times due to various economic problems. Affordable
housing is one way to revive and reinvent the realty sphere of the country at
such times. By giving them cost-effective and quality-centric houses to live in,
the real estate segment is taking concrete steps to retain the loyalty of majority
of the country’s citizens.
About Udayhomz.com
Established in the year 2012, UdayHomz.com is a complete
real estate solution that specializes in the sales and purchase of residential,
commercial and professional properties. The key service area of the company is
free of cost property investment advisory to the clients pertaining to primary
sales. The company head quartered in the Delhi NCR region aims at standardizing
the scattered real estate industry. The USP of the company lies in the
transparency maintained in its transactions.
In the years to come, UdayHomz.com
plans to launch around 10-12 offices in every city in India until 2019 and have
50-60 branches all over the country. With a lot of support coming from the
government, the future real estate market in India looks bright. The company’s
mission is to create a hassle free experience in property dealing that taps this
ripe scenario
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