NCR Is Now The New Hub For Affordable Housing
Several reports by PropTiger DataLabs in the past showed property markets of the national capital region (NCR) did not see much activity in the last couple of years. A major reason behind this was the prices shooting up sharply in the past. So much so, that property in the region became out of the reach of the common man.
Things are, however, going to change now. As the Centre goes all out to push affordable housing, the NCR has experienced a gradual movement from premium to affordable real estate. New projects are being launched in the price range of Rs 15 lakh to Rs 35 lakh, and Rs 35 lakh to Rs 60 lakh, to cater to the common man and revive the NCR property market.
Also read: What Are The Best Areas To Invest In Real Estate In Delhi/NCR?
Who will build?
As the Centre has now granted the affordable housing segment an infrastructure status, private developers will be keen on developing affordable projects on state-owned land. Other benefits apart, developers will now find it easy to find takers for such projects.
Property experts suggest that many developers have forayed into association with the government to offer housing in this segment. Renowned real estate players such as DLF and Vatika are not lagging in bidding actively for these low-cost projects; these developers mainly focus on premium-range housing projects. Other forerunners are Supertech, Rajeha Developers, SRS and Ramananda.
Noida is the hub
As the city is well connected with national capital Delhi through a Metro network, Noida remains the hub for flourishing affordable housing. For many first-time buyers, Noida is the preferred location. There is varied mix of properties available in Noida/Greater Noida. Greater Noida and Yamuna Expressway authorities are set to construct numerous affordable flats. The flats would be developed in sectors Mu-2 and 10, Eta 2, Sector Pi and Delta 1 in Greater Noida.
Here is a look at some of the affordable projects:
Noida
Jaypee Greens Kosmos: Rs 35 lakh - Sector-134 Noida
Sikka Karnam Greens: Rs 23 lakh - Sector-143B Noida
Paras Tierea: Rs 39 lakh - Sector-137 Noida
Greater Noida
Gulmohar Estate: Rs 18 lakh - Sector Pi- 1 Greater Noida
Migsun Twinz: Rs 16 lakh - Eta 2, Greater Noida
Hemisphere, Satguru Real Estate Developers: Rs 40 lakh – Delta 1, Greater Noida
Gurgaon catching up
Gurgaon, which is known for its luxury and premium properties, is also opening space for affordable housing. The Haryana Urban Development Authority (HUDA) is offering developers incentives to construct low-cost housing units. The body has reserved 125 acres for affordable housing in Sector 68, which will get connected to the Southern Peripheral Road (SPR) . Developers such as Supertech, Pyramid Group, Raheja Developers, etc, have launched new projects in Sector 68 near the Golf Course Road. The SPR will resolve the connectivity problem in new sectors 58-80 of Gurgaon. SPR was earlier getting noticed for premium housing projects but now with the latest push this region is opening space for affordable housing too.
Supertech has invested around Rs 700 crore for affordable housing only in Gurgaon. The group has developed many sets of apartments in Sector 79 and 79B. Raheja Developers is also offering affordable housing – Krishna Housing Scheme – at Sohna, Sector 14. Most of these apartments or houses range between Rs 15 lakh and Rs 23 lakh. Pyramid Urban Homes offering affordable flats in Sector 70A in a price range between Rs 13 lakh and Rs 25 lakh.
Also read: Dwarka Expressway To Give NCR Real Estate A Major Boost
Amenities on a par with premium housing
Earlier, developers focused on providing luxury amenities only in their premium projects. This trend is also changing. From clubhouses to open green space and from 24x7 power backup to security services, affordable projects offer you everything these days.