Indians live in both urban and rural areas, with a fairly even distribution of population. A large number of housing units are needed to accommodate a growing population.
In recent years, a number of initiatives have been launched to provide affordable housing to those in need of it. In this blog, we will talk briefly about affordable housing.
Housing units that are affordable for those with incomes below the average household income are referred to as affordable housing.
In India, low-cost affordable housing is available for low-income individuals, middle-income individuals, and economically weaker sections (urban areas).
Affordable housing is defined as a house or flat with a carpet area of up to 90 square meters in non-metropolitan cities and towns and a carpet area of up to 60 square meters in metropolitan cities, with a value of up to Rs 45 lakh in both cases.
Measures were taken by the government to help with the development of affordable housing
There are several government initiatives aimed at assisting poor people in building homes. Many of the supporting measures have already been implemented in previous budgets. The government proposes the following in the Union Budget for 2017-18.
The following are some of the government’s initiatives for affordable housing,
Government initiatives are focused on making affordable housing available, but real estate developers also have a part to play in ensuring over 80% of new housing development launches in 2020 will be affordable.
Those who are interested in reading more such blogs, subscribe to us on The Real Talks and continue reading the latest industry trends. You can also reach out to Roodland India at firstname.lastname@example.org to get assistance in any service related to the real estate sector.