Submitted by: Signature Global
A countrys growth can be pegged on its urbanization, infrastructure development, social wellbeing, and economic growth. Since 2015, the population in the urban India has been growing at an average of 2.1%; at its predicted rate, by 2031, urban regions will hold 60 crore. Unfortunately, the housing requirement for this population is currently short by 1.9 crore units.
Recently, however the real estate and housing sector has seen a push towards recovery. The following reasons have been prominent in causing the much needed impetus:
? Governments Focus on Affordable Housing
With its new mission Housing for All by 2020, the incumbent government has taken the step in filling this humongous gap. The mission aims to provide affordable housing to LIGs and the middle class, by ensuring a changed interest rate rebate on housing loans. Whereas earlier the rebate stood at 3% on home loans up to 12 lakhs, the new rates are at 4% on a loan up to 9 lakhs. Furthermore, the government has also ensured that the housing developers receive more funding, including the external commercial borrowings (ECBs), more service tax cuts, and an extended period of completion for affordable housing. Developers today have an additional two years to the earlier three years for project completion, while also getting a financial years time to pay the tax levied on the notional rental income on the unsold units.
Within Delhi/NCR, affordable housing in Gurgaon have become lucrative and a good investment.
? More Home Loans for Buyers
Easy finance has been another factor in a revamped real estate sector. Currently, there are at least 76 lenders in the Indian home loan market, which includes public and private banks and housing finance companies (HFCs). With incentives doled out to the LIGs, the HFCs are now focusing more on these segments of the population, with loan schemes made available at 8.5 9%. These loans can be availed for housing units such as residential flats in Gurgaon which are nearing completion or ready, as high as 85%.
More Indians, now dreaming of owning a house for themselves, and falling within the 2 10 lakhs annual income range can now make use of these reforms in addition to the policies which have come out. With this number only increasing further, it can be expected that the HFCs are going to come out with more tailor-made schemes on home loans and rates. The Housing for All by 2020 does seem like an achievable mission.
? The Developers New Psyche
In the last few years, the developers in the housing sector have worked on launching premium and luxury projects for the ultra-rich class in the country. After the 2008 global economic crisis, liquidity crunch and poor demand caused developers to fight battles on their own strengths. Demonetization further pushed the developers on the fringe with very little results and revenues.
However, they have seemed to recognize that affordable housing could become a source of huge revenue, if they only become the part of the governments policies and missions. As a result, developers who have been known to undertake private projects are now gathering around the affordable housing sector. The bottlenecks that existed for this range of housing projects have been removed and now look promising more than ever.
Signature Global is a reputed name in the real estate sector in India dealing in affordable housing projects. Signature Globals residential flats in Gurgaon include their massive projects of Solera (Sector 107), Synera (Sector 81, NH8) Andour Heights (Sector 71), Orchard Avenue (Sector 93), Grand Iva (Sector 103), Roselia (Sector 95A), and Serenas (Sector 36). At present, Signature Globals Signum project offers retail shops in Gurugram in sector 36, 95A, 93, 103, 71, 81, and 107. The upcoming projects include The Millennia (sector 37D) and Solera Phase 2, (sector 107).
About the Author: I’m a real estate writer at Signature Global. My passion is helping people to provide all aspects of real estate marketing flows through in the expert industry coverage. In addition, I also work as an SEO Analyst at Signature Global helping businesses with search and content marketing.
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