India, like all major emerging economies, has been witnessing accelerated urbanization. As per the census of India in 2001, about 69%of the population lived in rural areas and just 31% in urban areas. Roughly, 600 million people are expected to make urban India their home by 2031, a whopping 59% growth over 2011. Proficient town planning and management is the need of the hour, smart cities will facilitate us to utilize space, time and money in a far better way. It is ideally needed to generate more organized structures and implant a habit of optimum utilization of space whilst ensuring minimal wastage.
The ‘Housing for All by 2022’ initiative by the Government of India has been revolutionary for the country’s real estate sector. The last few years have seen an upsurge of high-quality affordable housing schemes that are attracting the attention of all kinds of investors and homebuyers. Thanks to RERA, future projects will be completed within time schedules and will adhere to regulations. Decent, reasonably priced housing is essential to the health and well-being of people and to the smooth functioning of the financial system. Against the backdrop of impending large scale urbanization in India over the next few decades, it is important to identify, evaluate the needs of, and address the challenges faced by the largest chunk of urban housing consumers with the most pressing needs – the Affordable Housing customer. Affordable housing holds the potential to propel the Indian economy in several ways. It offers the scope of generating capital investment measuring up to Rs. 1-1.25 Lakh per annum incrementally. At the same time, it holds the promise of creating 27-34 million jobs and contributing in significant ways to the GDP.
A well-constructed home in a planned development with adequate sanitation, security, privacy, play areas for children, and uninterrupted water and electricity supply holds significant inspirational value for this customer, whose current living conditions are most likely compromised.
What to look for before investing or buying?
- Choose a house away from the city Centre with good connectivity to places of work in urban centers and the presence of social infrastructure such as schools and hospitals. The size of home mentioned in PMAY refers to carpet area and not built up area, giving you more usable and defined area. Decide the area which would be suitable for you, and concentrate only there.
- Choose a builder who has a reputation of using good quality raw material; do have a look at their earlier completed projects.
- Most builders offer extra amenities and facilities to attract customer, the price is always built in, you may never use most of them, then why pay for them, therefore it is advisable to choose property accordingly.
- Check for Real Estate Regulatory Authority (RERA) registration of the shortlisted housing project. Verify the RERA number and approvals online or through municipal authorities.
- There is a common buyer’s dilemma weather one should buy a property in under construction projects or Ready-to-move-in property. Though under construction property is easier to own and it may involve the stress till complete possession. If there are good Ready-to-move-in property in your desired location, you should opt for it, however if the reputation of the builder is praise worthy and the project is to your liking booking a flat may also be considered.
In Indian households, owning a home of your own is a dream that everybody nurtures from a young age. Not only is it a sign of financial well-being, but it is also a smart investment. But buying a house is not as straightforward and easy as you may think. With 32 years of industry experience, we at Roshan Real Estate are diving into the world of affordable housing for our clients. We aim to cater to all our clients’ needs and can offer multiple options. We understand buying a house is one of the most important financial and emotional decisions for home buyers. Our executives are dedicated to making sure your house-hunting goes smoothly and you find the home you have always wanted. We make sure that your search for dream house doesn’t turn into a nightmare. So, go house hunting with confidence, we will make the hard-to-understand technical information a cakewalk. Our executive atRRE will guide you through various government schemes like PMAY and MHADA that suit your requirements. As scary and stressful buying a house seems, it doesn’t have to be that way. With the help of our experienced team, your house-hunting and buying will be exciting and pleasurable.
In case you have shortlisted a property, still do call us, we maybe able to get you a better property with better rates.
