In developing country like India we can’t deny the parallel existence of slums along with the luxury lure. The economically weaker section of the country will soon be emerged as home owners. Thanks to the Pradhan Mantri Awas Yojana (PMAY), that homeless people will become headier in contributing the productivity of the country.
According to CLSA India Pvt., PMAY is likely to bring homes to the country’s 1.3 billion people, growing incomes through affordable housing investment. This inflow will be the record holder in past years. As the statistics show close to 60 million homes will be provided with 2018-2024, creating approx 2 million annual job vacancies which will add as much as 75 basis points to the country’s GDP. The volume of social and low-budget housing will increase about 70 percent to 10.5 million per annum by 2024, beyond the 33 percent enhance in the top market.
“Country is providing home at the best affordable price in nearly 2 decades. Affordable housing sector has ever potential to be India’s economic growth-driver,”- said Mr. Mahesh Somani, the RERA expert of West Bengal. “Besides, the lucrative incentives of government hold an incredible role for this ambitious housing program”, added Mr. Somani.
Affordable housing is the mission of our PM to set India as Asia’s third largest economy. To transform this into present government approved affordable housing builders infrastructure status, state incentives, tax relief along with central financing. ‘Home for All’ aims to deliver 20 million housing projects within coming December with recessed home loan interest under this scheme. The report says, Mortgage rates have gone down about 275 basis points to about 8.5 percent in the past 5 years. Prices have maintained stable while per-capita incomes have posted a compound annual growth rate of about 10 per cent. Even demonetization move couldn’t impact this segment. Again within RERA stretched time 70% close-to completion projects have to complete their projects. Developers are no longer permitted to start pre-selling projects before all building approvals are procured.
- Somani Realtors News Network