Affordable Housing in Gurgaon: A Dream close to Reality

Until now known only for its luxury real estate market, Gurgaon is rapidly emerging as a hub of affordable housing projects too. Under the Haryana Government's affordable housing policy, 2013, a number of builders have sent applications for developing projects in the price range of 10 to 20 lacs in the millennium city.

According to the Affordable Housing Policy, 2013, the minimum and maximum land area for an affordable project will be between 5 acres and 10 acres. In the development plans of Gurgaon, Panchkula, Faridabad, Pinjore-Kalka and Panchkula Extn., the maximum aggregated area of the projects allowed in the urbanisable limit is 300 acres. Across these areas, the price has been fixed at Rs 4,000 per sq. ft. and for the rest of the state it is 3,600 per sq. ft. The carpet area of the apartments shall range from 28 sq. m. to 60 sq. m. (301.39-645.83 sq. ft.). Here, the term carpet area refers to the net usable floor area within the walls of the apartment but excluding the area occupied by the walls and any balconies or other spaces.

The additional amenities provided to the residents will include one community hall and one Anganwadi-cum-Creche, both not less than 2,000 sq. ft. area. The apartments will be allotted to the applicants through lottery under the supervision of a committee constituted for the purpose. The Floor Area Ratio (FAR) for such projects is set at 2.25 against 1.75 in ordinary housing projects. Moreover, the license fees and other infrastructure development charges, that were to be borne by the builder, have now been waived off by the government. The density norms have also been relaxed from the earlier limit of 300 to 850-900 persons per acre.

All such steps by the government have attracted a number of developers to launch affordable projects in Gurgaon. Till September 2014, 63 applications were received for Gurgaon alone. Major real estate players like Supertech and Raheja have launched their projects under this scheme.

Let's take a look at some important affordable housing projects in Gurgaon that are being developed as per the terms and conditions of the affordable housing policy, as mentioned above:

Supertech Basera- Located in Sector 79 and 79B of the Gurgaon Manesar Urban Complex, Supertech Basera is the first affordable housing project by Supertech. The project is spread across an area of 12.10 acres and offers 1,976 flats. 95% of the flats are open for public and 5% are reserved for management quota. According to the latest updates, the average property price in sector 79 is Rs 6,713 per sq. ft. Thus available at a relatively lesser price, Supertech Basera is an attractive option for the first-time homebuyers.

Raheja Krishna- Raheja Group is offering 1660 units of 1 BHK and 2 BHK affordable homes under its Krishna Housing Scheme. Located at Sector 14, Sohna, the project offers easy connectivity via NH 8 and the Golf Course Extension Road. Spread across an area of 10 acres, the project offers good facilities and its location is also an added advantage. What reduces its feasibility as an affordable project, however, is the average property price in Sohna. Since the average price in the locality is around 4,500 sq. ft., buyers might be attracted towards other projects that offer better amenities within more or less the same price range. This might affect the demands of this project.

Signature Solera- Signature Global has also launched its affordable project by the name of Signature Solera. Located in Sector 107, the project enjoys proximity to the IGI Airport and the proposed metro station. 1 BHK flats are offered at a price of 12.53 lacs and 2 BHK for 19.89 lacs. In addition to the community hall as per the policy, Solera also offers power and water back-up facilities and a picturesque landscape. The average price in Sector 107, Gurgaon is Rs. 6,243 per sq. ft. Available at an affordable price, Solera offers homes in the heart of Gurgaon at a price of Neemrana and Dharuhera.

MVN Athens- MVN Infrastructure's first project- MVN Athens- also got an approval under the Affordable Housing Scheme of Gurgaon. The project offers 1,078 units of 1 BHK and 2 BHK apartments at prices of Rs. 2,192 per sq. ft. and Rs. 2,250 per sq. ft., respectively. Located in Sector 5, Sohna, MVN Athens is close to Sohna Industrial Area and Sohna Town. The IGI Airport is 42 km from here.

Being one of the largest real estate markets of NCR, prices have been escalating rapidly in Gurgaon, making it difficult for the middle income group to own a home in the region. But these new launches in the affordable housing segment make home buying easier for them. Developers are expecting good sales as the supply is still less than the demand. Through these projects affordable housing that seemed to be a distant reality in a luxury market like Gurgaon, will finally take shape.

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