A stage where builders and developers are giving in all their efforts for the affordable housing to gratify middle-class pockets is also opening the right doors for the other firms. As the financial institutions have cut-down their interest rates for the affordable housing projects, the probability of people turning up for the loan sanctioning has increased. The government’s push for the affordable housing is in full swing as it has also introduced the tax and interest concessions for the same segment in this year’s Budget. According to the reports of officials belonging to the financial firms, corporation’s January loan applications rose 21% over December. February witnessed 24% haul up, and March was 44% more than the previous month. It seems that the affordable housing is not just about providing affordable homes to the lower-income strata of society. Through the newly introduced policies in certain segments, we can assume that it is having a direct connection with the nation’s economy and whole of the real estate climate.
“The advent of affordable housing is the main reason for the reforming policies in all the concerned sectors. This is not only going to benefit people but also help these institutions regain the public eye. The overall transformation in these sectors is benefiting the people to a larger extent. We are expecting affordable home sector to grow more rapidly so that it gets executed before the clear-cut deadline as per the PradhanMantriAwasYojna deadline. As we can see the maximum sales growth has been in this sector. In a nation like India, this segment has to play a significant role and would definitely impact the economy. The enactment of RERA would enable only genuine developers to come into the picture even if it is affordable housing. This will be a major ease-up for the dubious people striving for own homes” says Pradeep Aggarwal, Chairman, Signature Global.