The concept of affordable housing has been in demand over the years it has been the need of an hour. But with a lot of distress going on the concept of affordable housing remain to be in a great ambiguity. The true meaning and definition of the term affordable housing has been a question unanswered. There are two faces for the same and it may mean different to a buyer and a developer. There still remains an interrogation of this situation remaining unchanged over a large span of time.
A recent research conducted made it a bit clear about the sentiments of the respondents that they are still in a haziness about the real concept and have expectation with the budgeted affordable housing.
But there is still a feeling about the lacking of affordable housing in India. This is merely due to the gap between the buyers and the developer’s perspective. There is also a clash in the understanding of buyers meaning of affordability and the offerings rendered by the real estate developers.There is a strong indication that a huge percentage of the population believes that the affordable housing is still long term and an exasperated dream in the country. However a concentrated look over the residential properties in the country reveals that the concepts of affordable housing has already begun and there are a handful of options available here in the market and are already in a pipeline to be launched. It is therefore very much clear that the realty developers are constantly trying to meet the huge occurring demand for affordable housing.
Affordable housing is mainly a comparative term. There are major variations from city to city and from location to location. For a common man the definition of an affordable housing is such a house which falls within the range of 20 lakh. But due to huge variations this figure and range may not be always true.Various geographical locations offer affordability at variant prices ranges. Taking the example of Noida where the cost is around Rs. 25 to 35 Lakhs. Whereas considering the case of Mumbai where anything is affordable if it is under a Crore; with the changing trend the realty developers have started labeling the properties affordable according to the location and the target audience.
According to the data fetched by a real estate company there has been a demand shift from Rs 20 to 40 lakhs and around Rs 40 to 100 lakhs.
In cities like Bangalore, Gurgaon, Noida, Ghaziabad and Chennai the demand for Rs 20 Lakhs has moved to Rs 20-40 Lakhs and Rs 40- 100 Lakh. The last one year has witnessed a continuous demand for the housing under the budget of Rs 40-100 Lakh.
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