Affordable housing in Gurgaon is expected to bring another boom in Gurgaon Real Estate Market, says experts. There is a huge demand of affordable housing in the city in current scenario. The demand for this category is pegged at around 50 million and supply is just 50,000 units. No doubt none of the developers wants to lose their share of opportunity. It can be said on the basis of the fact that – Of the 56 applications the Haryana government received from builders for the construction of housing projects under its Affordable Housing Policy, 48 are from Gurgaon, six applications from Faridabad and one from Jhajjar and Karnal each.
Renowned developers like Unitech, Rahejas, Ramprastha, Conscietn have already made their move on this track, however real estate giant DLF has so far denied getting into affordable segment. Gurgaon property market has already been a hotspot for investors and end user and affordable homes in Gurgaon at the price starting from Rs. 12 Lakh will work like catalyst in it.
According to the new policy, the projects will be sold at carpet area rather than Super area. Carpet area is the actual usable floor area of an apartment excluding the area covered by wall or any balcony. In these affordable homes, the carpet area will be anything from 28 to 60 sq metre (301.39-645.83 sq ft) and price has been fixed at Rs 43,000 per sq m (Rs 4000 per sq ft) in Gurgaon, Faridabad, Panchkula, Pinjore-Kalka and across rest of the state at Rs 38750 per sq m (Rs 3600 per sq ft). However, at least 50% of the apartments have to be built with a carpet area equal to or less than 48 sq m (516.67 sq ft). The total area of the project will be from 5-15 acre.
The policy also states that, these group housing projects will be launched only after grant of license and have to complete the project within 4 years from approval of building plans or environment clearance, whichever is later. It has also been stated that, the license will not be renewed beyond the said 4 year period.
The license fees and other such charges such as IDC (Infrastructure Development Charges) for the project, that was supposed to be borne by a developer, have mostly been waived off by the state government. Also the FAR has been increased to 225 against 175 permitted in normal group housing projects and ground coverage has been increased to 50% against 35% in normal projects.
The state government plans to build about 1.25 lakh units for low income and lower-middle class however the flats will be allotted through draw of lots.
Alok Kumar Upadhayay
Real Estate Professional