The introduction of new reforms and the continuous revision in the policies launched by the Union Government in the recent times indicates positive growth for the country. According to the CARE rating report, the affordable housing segment is estimated to proffer 6-8 billion sq. ft. development in India by the year 2022. The inclusion of Credit-linked Subsidy Scheme, timely disbursal of funds and the sanction of affordable home plans are playing a pivotal role in order to achieve the target of ‘Housing for All’ by the year 2022.
In the past two years, the Narendra Modi-led Central Government gave tax benefits, easy loan sanction procedure and construction of good quality housing units for both MIG – [Middle-Income group] and EWS [Economically Weaker Section] escalated the interest of both private realtors and the aspiring homebuyers to invest the residential properties that are being constructed under affordable housing scheme that is the Pradhan Mantri Aawas Yojna [PMAY].
According to the report, the Union Government is likely to finance 15-20%in affordable housing segment in the coming three-four years and the remaining funding will be raised from private investments and PPP projects. The introduction of RERA act and other reforms in the Indian property market, this sector has suddenly evoked as a sustainable, compatible and client-friend sector to deal in. Apart from this, the increase in the demand for housing units leads to growth in business opportunities. Another reason for development due to affordable housing is the growing interest of realtors/developers to plan construction of affordable housing projects.
The Economic Survey 2018 released by the Government of India, the residential inventory stood at 8.08 lakh units till October 2017 which is 10% lesser in comparison to the previous inventory number registered in the record books.
On a whole, the stringent laws and the stability in property prices reviewed the trust of prospects in the housing sector and thus the emergence of demand for residential properties opened gateways for both the aspiring homebuyers and the developers/realtors which results in a positive growth of the country.