India is currently experiencing a rapid urbanization and is anticipated that it will reach 2.5% in 2021. As the population increases, so does the need for shelter and housing. Getting a home in India is somewhat difficult because of the inflation in the economy. The inflation has made it next to impossible for low to medium income workers to afford a decent living space. This need to settle down has given rise to the affordable housing initiative.
The need for affordable houses is very clear; since the worldwide recession began, the entire housing market has gone downhill and development rates have drastically reduced. The little properties being developed are rented or sold out at exorbitant prices and the average income worker can no longer afford them. Families who could afford a new home years ago can no longer afford to buy them anymore and are now looking for cheaper alternatives.
There are many things to consider when planning to develop a property. One of such things is the returns on the investment. Many developers have to account for the cost of building as well as interests so getting a cheap home can be difficult. Luckily, the government of India in conjunction with local developers such as NagpalBuildersIndias have come up with a scheme to help people get affordable houses. There are many projects coming up in India which are really affordable and still modern. The Indian government along with developers have embarked on a mission to give everyone affordable housing by the year 2022. The finance going into this long-term plan is about 6 lakh. The government has launched several initiatives to make this dream a reality and developers such as NagpalBuildersIndias has already started this agenda. As part of the affordable housing initiative, the government of India has launched several schemes to make it possible. There is a sharp increase in loan disbursement according to recent data and many real estate projects are being launched in different states.
Due to the huge demand-supply gap in urban housing for low to middle-income earner, the demand for houses has practically reduced. The demand being placed on homes these days is not just for affordability but also convenience. Considering this, a lot of real estate developers now tailor their products to cater for the rise in demand for affordable accommodation while also keeping functionality in mind.