Low Cost Homes in Delhi
Real estate in India has faced the wrath of mortgage crisis only to emerge stronger. Earlier the housing or commercial real estate projects targeted the upper strata. However, things have changed; consumers have become aware of their rights. In an attempt to help the lower income group, the Indian government has been planning to launch several such projects that can provide shelter to the consumers who belong to lower income group and middle income group.
Low cost homes in Delhi
As of 2008 the Delhi government sold application forms to people belonging to LIG and MIG so that it could allot low cost homes in Delhi to people who deserved the same. As many as 10,000 low cost homes in Delhi were allotted. This project was undertaken in an attempt to do away with the slum areas. A sale counter was opened at Regarpura, Karol Bagh to make these forms available to the common man.
Rajiv Awas Yojana
The project is known as Rajiv Awas Yojana. The low cost homes in Delhi that have been allotted to the people have all the basic amenities. These include shopping center, water, dispensary, electricity, and playground. The area where the project has been undertaken is well connected to the other parts of the city. The low cost homes in Delhi are in Baprola and Bawana.
Prior to taking up the project, the slum dwellers had to be removed from the site of construction. However, not all families belonging to low income groups qualify the allotment. There are certain criteria and they are as follows –
-
The applicant intending to buy low cost homes in Delhi should be a resident of Delhi
-
Should have been residing in the capital city for 10 years or more
-
The household income should not be more than Rs. 16,000
How much do low cost homes in Delhi cost?
The price of one room housing unit was fixed at Rs 175,000 and that of a two room housing unit was fixed at Rs 200,000. The Union government provided Rs 60,000 for the project under JNNURM or Jawaharlal Nehru National Urban Renewal Mission. Prices change depending on the market conditions too.
The finance minister of India announced a home loan scheme that attracts very low rate of interest. This was announced for 2010-2011 budget in February 2010. In fact the budget is expected to benefit the slum dwellers and the urban poor immensely owing to the several options that are being worked out to make housing affordable and accessible by all and sundry.
Allocation for yet another housing project comprising low cost homes in Delhi received a considerable boost. It is Indira Awas Yojana which is another one such project for the deprived lot in the city.
Other cities are undertaking low cost home projects too
Several real estate builders and developers are coming up with low cost homes in Delhi targeted at the lower and the middle income group.
TATA Housing has undertaken projects in Mumbai. The project comprises one room flats the cost being approximately Rs.4 lakh. Earlier TATA had come out with NANO, a category of small cars that cost around Rs. 1.5 lakh. The allotment would be through lottery. These flats were constructed 100 km from Mumbai.
It is not just in Mumbai that such efforts are being taken by the real estate developers but in all major cities a drive to build low cost homes is on the rise.