Rapid Urbanization, Luxurious Living, Affordable Housing Taking Real Estate Sector By Strides
The wave of rapid urbanization, luxurious living, and affordable housing is taking the real estate sector by its strides. The upshot of several policies like Pradhan Mantri Awas Yojana (PMAY), Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Real Estate (Regulation and Development) Act 2016 (RERA), Real Estate Investment Trust (REITs), and easing of FDI norms, has challenged real estate’s dynamism. Especially through ‘Housing for All by 2020’, the affordable housing scheme launched by Ministry of Housing and Urban Affairs (MoHUA) estimating the shortage of urban housing for Economically Weaker Section (EWS) and Low Income Group (LIG).
According to a report released by FSG, a new group of ‘Affordable Housing Finance Companies’ is addressing housing loan-reliable documentation gap and serving low-income, urban informal customers using an innovation, pioneered in India, called field-based credit assessment.
A collateral report by FICCI points out that a chunk of large and mid-sized formal developers have been ‘unsuccessful in supplying affordable housing to low-income customers’ as the projects turn out to be expensive and are located far from the central city to bring expenditure at equilibrium. Further, the report suggests that these distant locations also may lack infrastructure and require large investments for rapid urbanization, which further shrink the already low margins of such projects.
Explaining the significance of the location, Head, ANA Design asserts, the location of affordable housing ideally should not be situated in isolation. One of the fundamental possibilities, as well as needs for ‘affordable’ to flourish, is for land to be available near mass transit systems, at a cost which is not prohibitive.
Standardisation and industrialization do not in any manner mean a departure from bespoke spaces or poorly planned mass development. If used sensitively and sensibly, it can free up design time for more meaningful activities for the builder/architect and also improve drastically the quality of the final product.
Noida and Greater Noida is the hub of the affordable housing scheme, initiated by Government of India and clearly meets Pradhan Mantri Awas Yojana eligibility and affordable housing guidelines. Many real estate developers are tapping opportunities and investing in land purchases, making it one of the cheapest areas among nine other metropolitan cities for rapid urbanization.
Managing Director, Sowparnika Projects, and Infrastructure asserts, realty developers in affordable housing segment possess immense knowledge and experience where they produce sensibly-priced units without compromising on quality & cost. Having in-house teams for designing, construction and distribution not only helps in utilizing the same resources across projects and incorporating branded elements but also saves outsourcing costs and cut-down production cost.
ANAROCK Property Consultants enlists few affordable housing guidelines for affordable housing investors that includes assessing builder’s past track record for project completion and consistent product quality, civic infrastructure, particularly public transport facilities, water availability & sanitation, and availability of social infrastructure in and around every project under consideration.
New-age buyers desire to invest in homes that reflect their contemporary lifestyle via aesthetic designs, ultra-modern architecture and also befits their set budget, hence smart furnishing in partnership with affordable housing. Though engineers edify safe, standardized structures, the responsibility for acing architecture falls on interior designers’ shoulders. And that’s when material quality steals the spotlight in rapid urbanization.
Source Link- https://www.siliconindia.com/