More developers to Enter Affordable Housing Segment as Haryana Government Notifies Amendment

More developers to Enter Affordable Housing Segment as Haryana Government Notifies Amendment

Haryana government has notified the amendment in Affordable Housing Policy-2013, paving the way for big developers to launch project under the scheme with the decision to increase the area and include car parking space in the project will make the project more lucrative.

“The amendments in Haryana’s Affordable Housing Policy 2013 will mean that more reputed developers will enter the segment. No car parking space and smaller commercial area were the deterrents for many developers, who avoided it due to low margins,” said Vikas Garg, Deputy Managing Director, MRG World.

Now, the state has increased commercial area from 4 percent to 8 percent, which will help the developers get good margins, and work more aggressively towards this policy.

The decision will help the segment as it was the only segment that saw maximum sales and the maximum number of new launches in 2020 as 70% of the all the launches this year happened in this segment.

“The latest amendments in the Affordable Housing Policy-2013 will go a long way in providing Housing for All. Haryana has been showing how to deal with the affordable housing segment; if other states follow Haryana’s AHP then it would become easier to handover the maximum number of homes to people,” said Pradeep Aggarwal, Founder & Chairman, Signature Global Group.

Achal Raina, COO, Raheja Developers said that the affordable housing segment has the maximum demand, and people do lap up these projects; however, many buyers were not buying due to lack of car parking space, which is a necessity these days.

“The state government has rightly understood the need and addressed it promptly. Haryana has been doing tremendously well, and the state is coming out as the leader in the segment. With the latest amendments, we hope that more developers will come up with projects to help the country realize the Housing for All dream,” Raina said.

According to Mani Rangarajan, Group COO, Housing.com, the Affordable Housing segment was seen as the minimal facility accommodation, and it was all about four walls.

“The millennial buyer, who was not keen on buying in a project without a parking space, will now invest in it as many of them understand the importance of owning a real estate asset, and affordable housing is the easiest way for them as it comes with minimum investment,” said Rangarajan.

Source : ET

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