Private Builders to Construct 1 Lakh Affordable Houses in Delhi NCR
A group of private builders are considering to take an ambitious step towards providing affordable homes to the residents of Delhi NCR. Over 1 lakh affordable housing units would be constructed in the upcoming years by these private builders.
Supertech, Signature Global, Gaursons, Raheja Developers, BDI, Tulip and many others are planning to launch residential projects in this category.
Read More: DDA New Housing Scheme 2017
According to Supertech chairman RK Arora , the company plans to launch about 40,000 affordable housing units in NCR in the upcoming few years. It will complete the construction of 25,00 housing units by the year 2020.
Another big player of the real estate market, Signature Global is planning to launch around 30,000 residential apprtements in the next one year. According to the Promoter and managing director Prdeep Aggarwal, the company has already launched 7,500 apartments and is in the process of launching another 20,000-odd apartments in Delhi-NCR by the end of the next financial year.
Accordingly, Gaurson and Raheja Developer are planning to launch around 10,000 apartments each in NCR in the next couple of years.
Many companies are converting their existing housing projects in Greater Noida, Raj Nagar Extension, Yamuna Expressway, Tronica City, Faridabad, Bahadurgarh, Gurgaon, Daruhera, and Bhiwadi into affordable ones by capping the maximum unit size at 60 sqm (643 sqft).
The developers are working to keep the affordable prices in the range of Rs 15 lakh to Rs 35 lakh, depending on the area and size of the apartment.
Signature Global’s Managing Director Pradeep Aggarwal said that the sops announced in the Budget has completely changed the market dynamics, creating a very favourable ecosystem for affordable housing. There are incentives for builders, and also for buyers who can now get interest subsidies on home loan equivalent to a discount of Rs 2.40 lakh in capital value, over and above the tax benefit on interest payment.
Supertech’s chairman RK Arora said that the group has decided to carve out land from its existing land parcel on Yamuna Expressway, Noida Extension and Gurgaon to exclusively launch affordable housing projects.
He said that various measures like according infrastructure status and extending tax benefit under Section 80IB to affordable segments would enable developers to sell at very competitive prices.
Manoj Gaur, MD of Gaursons, said by making carpet area – as opposed to super-built area – the measure of an ‘affordable’ flat, a 60 sqmt – or 643 sqft – flat becomes a livable option for even the middle class. This will increase demand manifold, he added.
News Source: http://timesofindia.indiatimes.com/city/gurgaon/1-lakh-affordable-housing-units-in-delhi-ncr-soon/articleshow/57697584.cms