New Delhi: Affordable housing has always been a popular choice among buyers, but the reason developers are also interested in this segment on Gurugram is an interesting story in itself. There is a reason behind this paradigm shift. The market where only the wealthy dare to buy is now a real estate hub for both affordable and mid-range buyers. The Haryana government, Deen Dayal Jan Awas Yojana (DDJAY), encourages the development of high-density planned colonies in low- and medium-potential cities in the state where small parcels of land are available through a liberal policy framework. The most attractive feature of this scheme is the deadlines for its completion. All housing projects must necessarily be completed within 7 years from the date of granting the license. To keep housing costs affordable, the External Development Charge (EDC) for projects under DDJAY is lower than for standard projects. Development can only take place on 30 percent of the total area of a particular residential sector under this policy. The total colony area in this scheme is up to 15 acres where the first license will be for five or more acres and an additional license for at least two acres. The developers can also build four independent floors on each plot with parking and a lift. This scheme seeks to solve the problem of disorganized neighborhoods and provide affordable housing for all. Not only does it help large numbers of immigrants to buy a home in a city like Gurugram, but it also helps developers record business growth. Pradeep Aggarwal, founder and president of Signature Global, and president of the National Council for Affordable Housing, ASSOCHAM, explains one of his projects under this scheme, “Now people want well-connected sites and fast ownership, and the response time for parcels. y Freestanding floors are much shorter than those used in residential communities and multi-story apartments, which led to the popularity of freestanding floors. Several developers have launched mid-size projects with options for 2- and 3-bedroom freestanding flats along the Dwarka Expressway and Gurugram. These projects offer all the conveniences found in high-rise housing communities.
Haryana: Deen Dayal Jan Awas Yojana is a mutual benefit for builders and buyers
By Aquireacres Oct 04, 2021 139 views
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