There are good times ahead for those eager to buy affordable housing in Gurgaon. Nearly one lakh such housing units are expected to be built over the next few years throughout the NCR. Builders in Gurgaon and elsewhere in the NCR are betting big on increased demand for such houses due to the SOP’s announced in the Union Budget by the Government in February of this year. Many of the top builders in Gurgaon have plans to launch projects in the affordable housing segment this year.
What Are Actions Builders Taking?
One of the best builders in the NCR plans to launch 40,000 new affordable units in the National Capital Region over the next few years. The Chairman of the company has stated that within three years his company will complete 25,000 units in the NCR.
Another prominent builder, in the affordable housing segment, with a presence in Gurgaon and the NCR has plans to launch 30,000 new projects throughout the NCR within the next one year. Managers within the company have stated that they have launched 7,500 new units already with plans to launch another 20,000 units by the end of the next financial year. Two other builders in Gurgaon also plan to launch 10,000 units each in the NCR region over the next few years.
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How Builders Attempt to Cope with Demand?
After the Union Budget was revealed this year, many builders and developers in Gurgaon along with builders throughout the NCR took steps to cap the size of existing units to 643 square feet. Such developers hope to be able to sell units at such projects in Gurgaon and in other regions of the NCR for between 15 to 35 lakhs. They expressed confidence that even middle-class households would find their properties attractive. Builders in the NCR expect that the size of such units would depend on the carpet area of the flat rather than upon the built up area and thus they expect demand for affordable property in Gurgaon and elsewhere in the NCR to increase manifold.
Many builders in Gurgaon and elsewhere in the NCR believe that the new budget is a game changer when it comes to making affordable property attractive. The incentives for builders and developers in Gurgaon and elsewhere in the country as well as for buyers all across the country make purchasing affordable property more viable than ever before.