For several years, Gurgaon has been one of the most prominent property markets in India. However, a majority of the reputable developers were focused on the high-end housing projects due to the large population of affluent individuals in the city. Lately, the affordable housing sector has started to grow in Gurgaon with an increasing number of affordable properties on the rise. Due to a number of government initiatives, those seeking affordable homes in Gurgaon can now choose from various options.
How is this being possible?
Naturally, increasing affordability of homes hints at lower pricing of the properties by the developers. Despite this, several developers continue to build affordable housing properties and several factors are contributing to this trend.
- With a growing number of young professionals migrating to Gurgaon, the demand for affordable homes is rising sharply. This, in turn, results in enough sales for the developers to continue earning profits.
- Affordable housing projects in Gurgaon are seen an increase in demand and HUDA is supporting the projects. With their assistance and incentives, the developers are coming up with more and more affordable projects.
- The PMAY scheme provides subsidies which help property buyers save money while purchasing homes in certain affordable housing projects. Naturally, this increases the property sales by attracting more buyers.
- As part of these schemes, the homebuyers may pay for the new property through easy payment plans over extended periods of time. Moreover, one may also obtain a home loan from any nationalised bank while purchasing a property in one of these projects.
Why are these projects gaining popularity?
Apart from being affordable, another reason why these real estate projects are becoming popular among the buyers is the lifestyle they offer. Despite how affordably these homes have bee priced, they still offer a lifestyle and locational benefits similar to other housing projects offering units at higher prices.
- Keeping in mind the current trends, the developers are choosing their project sites very carefully. These affordable homes are built in strategic locations where the residents can access all the necessary social amenities with ease.
- Lately, the demand for residential projects packed with modern amenities has been on the rise. The builders are integrating the Gurgaon affordable projects with such amenities, including parks, clubhouses, sports amenities and more.
- The configurations of most of these homes range from 1 BHK to 3 BHK, the most sought-after formats among property buyers in Gurgaon. Naturally, this makes these projects viable options for most homebuyers.
- A large section of the homebuyers in Gurgaon are actually investors who aim to use the properties commercially to earn lucrative returns. They find the homes in these new affordable projects to be profitable assets as the above-mentioned factors would also help to attract tenants.
The affordable housing segment in Gurgaon is expected to continue growing. A growing number of homebuyers have been looking for the best affordable homes in Gurugram for personal or commercial use. The developers are likely to continue building such projects, urged by the positive response they are attracting from the property buyers.