In recent times Gurgaon has experienced a huge transition. It has changed from being an underdeveloped city to becoming the IT Hub of the country. Gurgaon has experienced growth in terms of everything. Be it technology, architecture, infrastructure, facilities or anything else, it has become a city where everybody wants to own a home. With the recent developments that have taken place, it has been a huge attraction for all the migrants who are coming to settle down in the urban areas of the country. With the growing number of migrants, the requirement for housing has also risen. Considering Gurgaon’s closeness to Delhi and the NCR, the property rates are undoubtedly at its peak. The only way a middle class or a lower class home seeker can invest in a good property in this city is through affordable housing. 

The affordable housing scheme was introduced by the Government of India in 2013. It aimed at providing homes to all the citizens of India in the posh cities at affordable prices. There have been hundreds of new affordable housing projects in Gurgaon that have been built under this scheme and are ready for possession. Many citizens of the country have benefitted from this scheme already and if you want to know whether investing in Affordable housing is good or bad then here are some important things that you would want to know.

When you plan to buy a home under this scheme in Gurgaon, there are several benefits that you can avail.

Subsidy on home loans: Under the affordable housing scheme, all home seekers can get up to 90 percent home loan to aid their purchase. The best thing is that the loan seekers will also get a subsidy on these loans under the CLS scheme. So if you are someone who is willing to invest in affordable housing projects in Gurgaon then you can easily get good loans hassle-free.

No maintenance charges: Home seekers who plan to buy a property for sale under an affordable housing scheme can get accommodation in the best projects in Gurgaon without having to pay any maintenance charges. This facility makes the very idea of affordable housing successful.

Vehicle parking space: Earlier personal parking space was not included in the affordable housing scheme and thus the home seekers were not getting their own vehicle space. This made many of the home seekers refrain from applying for a house under this scheme. However, in the recent amendment, the government has passed a new rule that will allow the home seekers to have their own parking space, which will come at least possible charges. Because of this many home seekers have come forward to buy homes under affordable housing schemes. It has also made many popular investors like the Tata group join the movement too.

Location benefits: We are not unknown to the fact that Gurgaon is known as one of the best locations for all home seekers. It is in proximity to Delhi, close to delhi metro, is a hub to commercial buildings and companies, Gurgaon is close to the IGI airport. And there are countless other locational benefits for people who want to buy a home in a metropolitan city.

Removal of slums and better hygiene: As mentioned previously, many prime builders have taken the initiative to build housing projects under this scheme. All these homes, under the affordable housing scheme, will be approved by RERA before the accommodation begins. This means that good quality housing projects can be expected for an affordable price. Thus more people will want to buy homes under this scheme and the people who have been living in poor housing conditions will have an improved quality of living and hygiene.

These are the key reasons why affordable housing can be a huge success in a country like India. However, each situation has two faces. There is another side of affordable housing that we cannot ignore. There are some negative aspects of affordable housing as well. Some of them are as follows:

Overcrowding in the apartments: Most of the housing projects are expected to have about 700-800 apartments in one project. This would mean that around 800 families will be living in one single project. This will make the housing conditions congested and overcrowded.

Cancellation charges: Earlier if someone wanted to cancel their bookings, an amount of 25000 rupees was decided as the charge for cancellation but recently along with this sum of money there will be an additional cancellation charge depending on the time when the home seeker is cancelling their booking. This condition has put many home seekers in a dilemma of whether to book a home under an affordable housing scheme or not.

These are the important things that you must know if you are planning to purchase a new home. While affordable housing has some negatives it still makes up for a good option for home seekers who want to purchase a home at affordable prices.