The concept of affordable housing is all set to add a new boom in the real estate market of Gurgaon. The city is witnessing great demand of affordable lifestyle. This category is witnessing the demand of about 50 million with just 50000 units of supply. It is undeniable fact that no developers would like to lose this chance of growth. Out of 56 applications received by the Haryana government for construction of residential projects by the builders as per the Affordable Housing Policy, 48 applications have been received from Gurgaon, one from Karnal and Jhajjar each and 6 from Faridabad.
Some of the world-renowned developers such as DLF, Unitech, Rahejas and others have made their way through the track of affordable housing. The real estate market in Gurgaon has become the hotspot for both end users and real estate investors. Some developers have been providing affordable living options starting from INR 12 Lakh in Gurgaon. As per the new policy of affordable living, the projects will be offered at carpet area instead of superior area. Carpet area is actually the usable area on the floor of the residential unit which excludes the area balcony and walls cover. In such homes, the carpet area would be around 28 sq. m. to 60 sq. m, i.e. 301 to 646 sq. ft.
The prices have been defined at around Rs. 4000 per sq. ft. (Rs. 43000 per sq. m) in Faridabad, Gurgaon, Pinjore-Kalka and Panchkula and Rs. 3600 per sq. ft. (38750 per sq. m) on the rest of the state. Hence, the total area the project will be stretched on is from 5 acres to 15 acres. According to the policy, such group housing ventures shall be introduced after grant issued by the government and they have the ultimatum to complete it by 4 years from environmental clearance or approval of plans, which one is later. According to the policy, the granted license shall not be renewed after the period of 4 years.
The Infrastructure Development Charges and the license fees for project were thought to be incurred by the developer and the state government has waived off.
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