1298+ Flat in Hyderabad with 90 Percent Free to Occupied 10% off
Pegged as a prominent segment in the real estate sector, Affordable housing is gaining significant momentum lately. Homebuyers are constantly on the lookout for affordable housing and schemes which are buyer-friendly. In the previous year, the effects of RERA, GST and increasing tax deduction limits awarded an industry status to affordable housing. These effects have made property purchases in affordable housing more lucrative.
Government is focusing on affordable housing and launching schemes in order to promote homeownership among people. According to the latest reports, almost 88,000 housing units which were priced below Rs 50 lakh, were sold in the property markets in the first six months of this year. Keeping this in mind, it is speculated that the growth of affordable housing will continue.
Another attachment to affordable housing is the luxury segment which is entering the market. Affordable luxury housing is about meeting the modern expectations with a budget. The depreciating property has made luxury properties more affordable. There are various construction groups which are working towards launching modern luxury housing projects to cater the rising demands of the working-class and entrepreneurs.
Modi Builders, a Hyderabad-based company, is introducing new concepts of amenities in housing projects. It is working towards affordable luxury housing by focusing on the size, location and convenience. Their apartment and villas project like Sterling Homes are equipped with social infrastructure and luxurious specifications. Meeting the international standards, their project Elegance, is a luxury apartment project offering a taste of extravagance. Builders like Aparna Constructions, Juneja Heights, are also innovating residential spaces which are equipped with innovative architecture promoting high functionality.
Real estate sector in major cities like Chennai, Mumbai, Bangalore and Hyderabad is expected to grow significantly. Hyderabad has the largest workforce with people employed in sectors like IT, pharmacy and telecom. Modi Builders provides affordable flats in Hyderabad as the company plans expansion in its residential sector.
Earlier, the real estate sector in India was investor-driven but now it has become more buyer-friendly. The recent CREDAI-CBRE report pointed out that affordable housing will keep on growing in the coming years. With the scheme ‘Housing for All by 2022’, the government plans a massive shift with various developers in the housing sector. Although, these developments seem optimistic, we must keep in mind that the affordable luxury housing segment is still in its early stage and would require a collective consciousness to develop it gradually.