Low Cost Housing in India
It is very important to have a shelter of your own. The housing market in India has undergone constant change over the years. And it has changed for the better. There are innumerable housing projects coming up in different cities of the country, but are they catering to the needs of the people with low income? Several residential projects are undoubtedly coming up but there are very few which help the LIG. So, need of the hour is low cost homes in India.
Most of the housing projects are inaccessible for the common man unless you have a good paycheck. Reports furnished by Ernst & Young, reveal that approximately 75% of the real estate market in India is made up of the housing market.
Studies also reveal that scarcity of housing units in the country as of 2007 was about 24.7 million. Surprisingly, the shortage is mainly for the people belonging to the moderate income group and the lower income group, people who cannot afford a home of their own.
Low cost housing in India – Changing trends
The demand for low cost homes in India has set the stage for the housing projects meant for the ones who have limited earnings. So, real estate builders and developers in the country are wooing these people. There is another advantage that helps builders and developers in this sector, and that is the ease with which home loans are being extended to the people.
If you have a good repayment capacity, you can own a house or an apartment of your own in the next couple of years. This is because more and more lending institutions are extending home loans to the people at affordable rates. And this is essentially one of the aspects the builders and developers are banking on.
Low cost housing in India offer housing options
Since real estate builders and developers in India are building housing projects in different cities and of different categories, you can choose your option depending on your requirement and budget.
Constructing low cost housing in India
There are 2 ways in which low cost homes and middle income group can be helped out. It has been observed that builders and developers either undertake housing projects that are entirely meant for the LIG or MIG or undertake housing projects which cater to all income groups. For instance, if a real estate builder constructs apartments and independent villas in a particular area, he can build housing units of different budget.
It is like having HIG, MIG, and LIG dwelling units under one banner or under one flagship company. So, the builder may have housing units ranging from 1 BHK to 4BHK etc. Majority of the residential projects have a market place, small hospital, health check up clinics etc. In this way, these facilities can be availed by all and sundry.
A latest trend that is being observed in the housing market is that more and more realtors are trying to use energy efficient materials in their projects. Prior to buying low cost homes in India, it is important to find out whether they abide by the construction guidelines and safety requirements.