The provision of budget housing in Gurgaon, one of India’s largest real estate marts, is anticipated to witness a substantial rise, following the Department of Town and Country Planning (DTCP) invitation for fresh applications for licenses to construct more than 3 lakh inexpensive houses.
Haryana revised its Affordable Housing Policy 2013 in October 2017, to stretch an existent limit of 300 acre in Gurgaon district to 1,935 acre. According to the previous limit, DTCP had granted affordable housing licenses to more than 331 acres, on which approximately 46,000 units are in various phases of realization, in sectors along Northern Peripheral Road (NPR), also called Dwarka expressway, and Southern Peripheral Road (SPR).
Gurgaon district falls under the canopy of three development plans, for Gurgaon, Sohna and Gwalpahari. These trio of plans have been rectified thus — Gurgaon-Manesar Development Plan will now retain 1,650 acre for budget housing, on the other hand, Gwalpahari will have 15 acres and Sohna, 270 acres on the similar lines. According to this, sectors 1-115 of Gurgaon will ultimately have about 2.97 lakh units of inexpensive apartments, with additionally 48,600 in Sohna and 2,700 in Gwalpahari.
Greeting the initiative, Gaurav Mittal, MD, CHD Developers limited, said that this will augment the provision of affordable residences and propel competitiveness amidst builders. “Ultimately, this will benefit buyers,” said Mittal, summing that with the rise in supply, buyers will have more to choose from. He said that those who have land can now submit applications for fresh licenses.
Developers deem there is requirement for budget housing and rise in provision will pull in buyers, restoring the realty industry. “Price of residential units in Gurgaon is very high, and a large section of society is unable to buy a house. Affordable housing will give this segment a chance to own a house,” said a developer.
Another builder with low-price residential projects in Gurgaon said that the rise in inventory of low-priced housing will help push the rising demand in the sector. On the other hand, he pronounced concern about the sluggish infrastructure development in the upcoming sectors. “Only making policy changes and giving new licenses to a few more builders will not untangle the problem. People also require roads, electricity and essential services,” he said.
As per the functionaries, Gurgaon’s already progressed sectors (1-58) have no big chunk of land at hand, so this policy will be majorly accessible to the 57 new sectors (59-115), out of which 54 are residential ones.
District town planner R S Batth stressed that increasing number of people can buy homes, progressing the government’s goal of ‘housing for all’. “Under affordable housing, people can get houses at fixed rates. Affordable houses will only be sold on the basis of carpet area, instead of the regular practice of selling units on the basis of super built-up area,” said Batth.