Get ready for affordable homes in Gurgaon

The Gurgaon Master Plan 2031 has earmarked certain sectors for Low Income Group and affordable housing. The “Affordable Housing Scheme” by Haryana Government got approved in August 2013. With such positive developments, Gurgaon is definitely paving its way for providing affordable housing in the NCR.

Being a part of NCR, Gurgaon instantly reminds of high-rise buildings and prestigious offices of multi-national companies and attractive residential buildings. However, in terms of affordable housing, Gurgaon currently has very less options and it is majorly a place for luxurious living. There are no or very few projects which offer housing for an average middle income or low income homebuyer. The only available affordable properties are those which the developers offer in their projects as per the government rules. However, after the approval of the Gurgaon Master Plan and the Affordable Housing Scheme by Haryana Government, it seems Gurgaon would soon offer affordable housing options to the homebuyers in Delhi NCR.
As per the Housing Scheme by Haryana Government, homes worth Rs 12-25 lakh would be constructed in Gurgaon, which currently are unavailable in the city.

Pramod Agarwal, executive director, Microtek Infrastructure says, “The Affordable Housing Scheme which was announced in the month of August this year has had some developers showing interest in it. However, it will take at least 1-2 years to get implemented substantially.” Real estate developers such as DLF, Emaar MGF and Raheja Developers have applied for licenses to construct affordable homes in areas such as Gurgaon, Sohna Road and Faridabad.

To implement the scheme and take a feedback from the market, Haryana Government had put the idea on its official website. Those willing to purchase these homes will be required to fill a form first. The homes of 300-645 sq ft areas would be allotted through lucky draws, just how DDA or GDA allocates their low-income group (LIG) homes.

Talking of the initiative of the government to provide LIG housing under the Master Plan 2031, Agarwal says, “While the land allotted for affordable housing under the plan is insufficient, it will still meet needs to some of the buyers at least. Sector 68A has primarily been planned for LIG Housing. The construction quality of these LIG homes would be maintained to the standards and would include facilities such as two-wheeler parking. The eligibility to allot these homes would be dependent on the allottee’s ownership of any other property in Haryana.”
In the current market situation, where Gurgaon is emerging as a home for elite, it becomes tough for lower and middle income segments to buy a property here. A policy like this can prove to be a boon in such a case.
Gurgaon- With property prices increasing rapidly in Gurgaon, buying a property in the city has become extremely difficult for buyers of low-income group (LIG). Gurgaon has emerged as a favourite destination of many property investors and real estate developers.
In order to support developers in building more and more affordable housing units, the government of Haryana has come up with a housing policy to provide housing for those belonging to economically weaker sections (EWS).
The policy has been drafted and uploaded on the state government website. The state government has welcomed suggestions on the new housing policy.

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Affordable housing scheme gets maximum response from Gurgaon

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What is Affordable Housing?
• According to the RICS Report on Making Urban Housing Work in India, affordability in the context of urban housing means provision of ‘adequate shelter’ on a sustained basis, ensuring security of tenure within the means of the common urban household. RICS
Practice Standard Guidance Notes (GN 59 2010) states that ‘affordable housing is that provided to those whose needs are not met by the open market’.

• According to the KPMG Report on ‘Affordable Housing – A Key Growth Driver in the Real Estate Sector’, affordable housing is defined in terms of three main parameters, namely income level, size of dwelling unit and affordability. Whilst the first two parameters are independent of each other, the third is a dependent parameter that can be correlated to income and property prices (Figure 2).
• As per US Department of Housing and Urban Development, the generally accepted definition of housing affordability is ‘for a household to pay no more than 30% of its annual income on housing. Families who pay more than 30% of their income for
housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care’.
• According to the Task Force on Affordable Housing set up by the MHUPA in 2008, affordable housing for various segments is defined by size of the dwelling and housing affordability derived by the household income of the population (Figure 3).
• The JNNURM Mission Directorate of MHUPA has also defined affordable housing in its amended Guidelines for Affordable Housing in Partnership released in December 2011 (Figure 4).

What is affordable housing policy?

This policy is intended to encourage the planning and completion of „Group Housing Projects‟ wherein apartments of „pre-defined size‟ are made available at „pre-defined rates‟ within a „Targeted time-frame‟ as prescribed under the present policy to ensure increased supply of „Affordable Housing‟ in the urban housing market to the deserving beneficiaries.
What the application fees and hidden charges?

i) Keeping into account the fact that a limited number of projects shall be allowed under this policy and the sale is to be effected at a predetermined rate, the licence fees and IDC shall stand waived off. However, scrutiny fees and conversion charges at prescribed rates shall be levied.
(ii) Similarly, in order to minimize the impact of EDC rates on the viability of such a project, the rates and schedule of EDC applicable on plotted colonies shall be levied on such projects.In order to encourage early completion of projects, in case the colonizer completes the project in 3.5 years from the date of commencement of project and applies for grant of occupation certificate in such period, the payment of last instalment of EDC shall be considered for waiver after grant of occupation certificate.
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