Here is a great opportunity for those who could not afford to buy their dream house in Gurgaon because of sky-high prices being offered by private developers.
Under its new 'Low-Cost and Affordable Housing policy,' the Haryana Government has not only allowed private developers to construct more number of apartments per acre of land, but also has fixed a price cap of Rs. four lakh and Rs. 16 lakh for the 25 sq m (270 sq ft) and 48 sq meter (516 sq ft) flats.
The market price for a 25 sq meter apartment in Gurgaon should be around Rs. 10-12 lakh and Rs. 18-22 lakh for 48 sq m flat.
The developers would be allowed to charge not more than Rs14 lakh in cities such as Panchkula, Faridabad and Ballabgarh and Rs 12.50 lakh for rest of the towns of the state for each 48 sq meter flat.
According to officials of town & country planning department, the developers would be required to construct 48 sq meter (750-800 sq ft) flats on 85 per cent of the plot of the land and low-cost 25 sq metre (270 sq ft) apartments would be constructed at the balance 15 percent land.
The developer would now be able to construct 128 apartments as against the earlier norm of 50 apartments maximum.
"The low-cost apartment would be for the people falling in the below poverty line (BPL) bracket while preference would be given to the Haryana domiciles and class III and IV employees for the affordable units of 48 sq meters," said a government official who did not want to be identified as he is not authorized to speak with media. "The general public could also apply for these apartments and allotment would be carried out through draw of lots."
Navin Raheja, chief managing director, Raheja Group said his company would be constructing 6500 apartments on a plot on Sohna road and would sell 48 sq meter apartments for Rs 14 Lakh—Rs 2 lakh less than the ceiling price.
Officials said flats allotted under this scheme would be prohibited for transfer or further sale up to five years after getting the possession of the flat. Breach of this would attract, penalty equivalent to 100 per cent of selling price of the flat.