News

New locations in Gurugram offer the ultimate options in affordable housing!

A part from the fast. Paced growth in areas Like MG Road and Cyber City emergence or new areas Like New Gurugram. Southern Peripheral Read (SPR), Sohna Road and leading right up to Sohna town offer people the ultimate options In affordable housing.

Gurugram’s economics boom over the previous Few decades has resulted In faster urbanization and a surge In the number of migrant workers flocking to the city seeking work.

Increasing emphasis of the state government is pushing development of Gurugram affordable housing, which is providing further development of these regions where more than 40% of the units am under Rs 50 lakh.

Dinesh Sharma, spokesman of Pyramid Group says: “Indeed with increased demand and supply in the affordable housing market, the real estate sector in the Delhi NCR, which has been struggling for a few years is gaining traction Keeping this in mind. we have just completed Pyramid Urban Homes in Sector 70A and Sector 86 Gurugram. Here, the affordable housing, defined as units costing less than Its 45 lakh. has seen the strongest demand since the pandemic hit the country”.

A report by ANAROCK Consultants says that affordable housing contributed to 10% of the demand In 2020. up from 31% pre-Covid-19 period a 9% increase.

The Delhi NCR accounted for over 30% of the country overall affordable housing demand, while Gurugram accounted for 32% of the over all demand In the Delhi NCR. With 6,390 affordable units out of 11,180 new units launched last year, Gurugram has the most affordable housing stock.

Then there is the Haryana Affordable Housing Scheme (HAHS). too, where the state reduced the minimum land requirement for group housing projects, from 10 acres to 5 acres Increased FAR from 1.75 to 2.25 acres: Increased density from 450 PPA to 903 PPA. and waived off IDC and License Fee for developers.

Under HAHS, developers will be able to build 98.010 Sq.Ft. against 76,230 sq ft earlier. In addition, developers will now be able to use the entire 2.25 FAR due to Increased density; this means developer can build more flats perform under these plans. Developers can now build more, than 100 flats per acre, compared to 48 flats per acre previously.

Even before other regions came into focus, Haryana has been ruling the roost, with Gurugram. Panipat, and Faridabad being the mainstay of real estate because of the proximity of these areas with Delhi.

These locations remain formidable feature of the NCR’s real estate landscape. The Haryana cabinet recently decided to enhance the overall limit for the award of Affordable group-housing colony In a sector from 15 acres to 30 deny; and the most recent push for affordable housing is to extend the Deen Dayal Jan Awas Yojna (DDJAY) to the Gurugram Development Plan.

In terms of connectivity world class Infrastructure development and proximity to the IGI airport. Gurugram has been ruling the real estate scene since the early 2000’s. With these features Gurugram still enjoys the same craw about properties here. The city has long bad a sense of pride about itself, and the residents display that confidence when discussing their home.

The city has also kept up to its name by providing homes to Individuals who work in companies that have set up shop here. Gurugram’s neighboring cities like Manesar have also contributed to its reputation and popularity. Demand has Increased as a result of the arrival of Inexpensive housing, which was previously impossible.

Manish Aggarwal, MD or Satya Group. says “The dream of every household to own a home seems realistic, as the state is taking all steps to ensure no hurdle remains In achieving the target. Thus, the time is near when affordable home seekers will throng the towns and cities of Haryana. The coming months will surely see more launches In this affordable segment, a segment maximum demand lies.”

The focus is already on affordable housing with so many schemes proposed to address the demand gap. The decision to lower the minimum acreage requirement for granting permits will be highly beneficial to Gurugram.

Pradeep Aggarwal. fonder and chairman of Signature Global Group says: “The extension of DDJAY policy to Gurugram will help In boosting the supply or affordable housing here. A lot of smaller land parcels which were left unutilized earlier can now be developed and road network can be improved. This will also help in building 24-meter-wide roads in New Gurugram. which have been stuck for some time.

Rajat Goel joint MD of MRG World says: “All the affordable housing schemes launched in the state will undoubtedly assist it in making a big contribution to the PM’s vision of ‘Housing for all’. It will also assist the state in serving a bigger population and changing the idea that certain areas are only for upper middle class homebuyers.”