Sales volumes for properties in Gurgaon further went down along with fresh unit launches were limited from the city.
There was equilibrium noticed in quoted prices and discounts were available, but people stayed away from purchasing residential apartments in Gurgaon. Gurgaon saw a drop in investment in the residential properties as property buyers, a lot of whom were primary end consumers were on the lookout for ready-to-move-in apartments and were wary of promises of future infrastructure or land. Overall, Gurgaon’s economy saw a terrific dip lately.
With the new budget placing affordable housing under the class of infrastructure, the government plans to get closer to its goal of providing affordable housing for all by 2022. This newly-granted infrastructure status also makes accessible less expensive financing choices from real estate contractors who can now get funds in a borrowing rate significantly less than 10 percent for creating affordable housing, resulting in a following and definite decrease in purchase prices for homebuyers.
About 95% of the demand in the real estate sector has been of affordable housing. With decreased borrowing rates, the real estate developers can now focus on constructing housing jobs in which a significant demand lies, and anticipate a healthy growth in this segment.
The budget has gained the end users the most. With enormous tax advantages offered to individuals in the lowest income bracket as a significant tool to drive affordable housing, the dream of many to have a home now appears to get closer to realization best affordable housing projects in gurgaon. Also, together with demonetization, banks have been further flooded with capital, and there are speculations that banks will reduce interests rates further and come out with affordable and attractive home loans.
As a real estate marketplace, Gurgaon has great chances of recovering from the downtime in yesteryear. Among its own driving strengths has been its ability to churn out high-quality office spaces, and now while building on this advantage, if programmers in Gurgaon prioritize building and launching ready-to-move-in affordable housing projects that end-consumers place high value and then reward, subsequently Gurgaon will grow up as a strong real estate supplier meeting the housing needs of its occupants.Read More