Low Cost Housing in Delhi
If you have dreamt your dream house in Delhi, you can own one easily right there by going for the right location and with the right budget. The capital city of India, Delhi represents a great population that is both middle class and rich. The low cost housing in India- Delhi market is a potential one in terms of the chunk of population that avails affordable housing facilities every year. Unlike Bangalore, there are no specific regions that have cheaper homes.
In 2008, the Delhi government began the sale of application forms for allotment of 10,000 low-cost houses that were meant for the people of lower income groups. The main eligibility for availing these homes are the applicant must be a resident of Delhi for at least 10 years and the annual income should not exceed Rs16,000. The dwelling units under this scheme cost around Rs 50,000 on ownership that is payable on installment over a period of 10 years and on rent basis Rs 500 every month.
Expensive locations would be soothing where like the Chattarpur Mandir, Mehrauli area where the expected price flats would be 2 BHK Rs. 20 lakh, 3 BHK Rs. 30 lakh, and 4 BHK Rs.40 lakh.
Commercial low cost housing in Delhi
The office market or the commercial estate of Delhi expands much beyond the metropolitan limits. The neighboring places of Gurgaon and Noida- also known as Greater Noida are two important destinations for the IT professionals. Known as the Northern Capital Region by the business groups, these areas have a huge conglomeration of office space, sky rocketing buildings, and commercial places like shopping malls and international cafes. Though are several buildings in line of construction, they are insufficient too meet the demand. Forcing down the vacancy rates would require more number of office buildings. Rents on office are comparatively higher in the Northern Capital Region and places around the heart of city like the Connaught Place. Construction of about 7.5 million square feet for office space is the forecasted need until 2011. Low cost commercial housing in Delhi is therefore a challenge because more and more corporate companies are trying to make a mark there.
Low cost residential housing in Delhi
Cost effecting housing is an important determinant for people waiting to buy homes in the business districts of New Delhi, Noida, greater Noida, and Gurgaon. These areas are comparatively costlier than many other places. Initiatives on the part of the Delhi Development Authority also facilitated the growth of several affordable housing projects in Delhi. Construction of around 7,000 homes took place in the year 2006-07. These homes were priced between Rs 5.5- Rs 7 lakhs.
Other houses in Noida that were budget homes were Rs. 8 lakh for 1 BHK 600 square. feet, Rs.12 lakh for 2 BHK 1,000 square feet, and Rs. 18 lakh for 3 BHK 1,500 square feet apartments.
The expenditure budget on cheap housing needs in Delhi crossed Rs 3204.17 crore only for specific areas like Dwarka, Janapuri and Karol Bagh. The new schemes that were introduced amounted to a costing of additional Rs 290 crore to the Delhi Development Authority. India’s largest realty firm DLF also introduced a project of building low cost homes in Delhi. The plan was to build a series of buildings over three years beginning the year 2009.
The forecasts about the affordable housing market in India is that the housing is worth at least Rs3 trillion and will see demand for 2.06 million homes by 2011, a survey conducted by property consultant Knight Frank India has revealed. Low cost housing in India- Delhi is therefore going to scale new heights of development.