In any democratic set up, affordable housing is a socio-political priority that ensures that every family has a safe place to call home. More than 2 million people in India are without a roof over their heads, prompting the government to intensify its search for affordable housing choices. To close this enormous gap, the Indian government has devised an ambitious plan to provide permanent shelter through the ‘Pradhan Mantri Awas Yojana’ -Housing for All initiative, which differs significantly from past schemes.
The affordable housing segment has gained in popularity due to a comprehensive makeover that now offers vehicle parking and other amenities that were previously unavailable in similar developments. Affordable housing has accounted for more than 40% of demand following COVID, up from 30% in the previous years. Haryana’s government has also contributed to the promotion of affordable housing. The government increased the overall maximum for Affordable Group Housing Colonies in a sector from 15 to 30 acres, and the Deen Dayal Jan Awas Yojna was extended to the Gurugram Development Plan.
The landscape of affordable housing is evolving as residents gain access to amenities, and new demand is emerging. COVID was formerly thought to be harmful to the housing market, leading purchasers to postpone home purchases. On the contrary, there is a substantial trend in the affordable housing category that is expected to accelerate. Finally, we can say that the government’s efforts are helping in stimulating demand.