New Delhi, August 23, 2019: Owing to the slew of schemes announced in the Union Budget, the affordable housing sector of the real estate market has finally begun to receive a significant boost. Experts at Modi Builders, review that ever since the government has given the sector a much needed push, the leading developers have started to incline their focus towards providing affordable housing.
Pradhan MantriAwasYojana (PMAY)’s vision for affordable housing
The PMAY scheme, launched in 2015 has definitely led to an increase in the supply of housing inventories. Around 0.57 million units have been added since 2016 in the top metro cities like Hyderabad, Mumbai, Delhi and Bengaluru. Despite a substantial addition in housing units, a recent RICS- Knight Frank study revealed that almost 0.6 million homes are required in these cities annually against a supply of over 0.2 million units every year.
With innumerable people moving to urban areas for better jobs, the demands for affordable housing is skyrocketing. It is observed that almost 50 percent of India’s population lives in their own homes while over 30 percent of it lives in rented houses. And then there are the homeless and those living in dilapidated mud houses. Taking these drawbacks into consideration, PMAY envisioned the provision of every family with pucca houses having proper toilet, power and water supply. The previous urban housing schemes were subsumed under “Housing for all” with the objective of constructing 20 million housing units by 2022.
In response, developers are striving to launch housing projects that meet the affordable housing’scriteria.Top builders in Hyderabad like Modi Builders have long been constructing affordable houses with all the necessary amenities to give more people a home of their own.
Why affordable housing is a necessity?
According to the Knight Frank Survey, almost 80 percent of homebuyers consider price as the most important factor before purchasing any house. Around 73 percent of the buyers consider safety and security of utmost importance upon choosing a house, while others look for the quality of constructions, timely delivery and reliability of the developers.
With the cost of homes being the prime need of most buyers, a collective effort by builders in launching affordable homes will augment the overall housing demands, experts at Modi Builders review.The boost in real estate sector will in turn help uplift the nation’s economy.
Corporate Comm India (CCI Newswire)
