The slow real estate market, which barely had new launches, threw up a surprise this year. Affordable housing pushed up numbers. There was some activity in the market due to projects launched under the Haryana government’s Affordable Housing Policy 2013. Prominent developers who are coming up with about 60,000 units under the schemes are Adani Realty, Signature Global and Tulip Infratech. Around 57,000 apartments measuring about 400 to 600 sq ft are up for sale in Haryana.
Urban planners clarify that the Haryana affordable housing policy is meant to attract the middle class earning an average salary of Rs 40,000 per month and is not necessarily for the economically backward class. The housing projects are also located in established sectors. In fact, the prices of these units are close to the market value of other projects in the vicinity but what is offered to the consumer is the super area, not the carpet area. No external development (EDC) or internal development charge (IDC) has to be paid.
Most affordable housing projects in Gurgaon are in the new sectors 58 to 115 under the Gurgaon-Manesar Urban Complex 2031 with some being floated under the Sohna Urban Development Plan. The directorate of town and country planning in Gurgaon has so far issued 35 licenses to developers for an area measuring 202 acres. Of these, nine licenses have been issued in Sohna.
Adani Realty has launched an affordable housing project in Haryana under the brand Aangan in sectors 88A-89A. Sanjiv Tyagi, project head, says that the group has launched around 838 units under the scheme and is waiting for environment clearances. “We may also add another 300 units to the same project and have applied for additional license. We are also hoping to come up with more projects under the segment, probably beyond Panipat,” he says.
Signature Global recently raised Rs 150 crore from ICICI Prudential Fund to launch its fifth affordable housing project, Orchard Avenue, in Sector-93,Gurgaon. On offer are about 729 units of 1BHK and 2BHK in a price band of Rs 13.80 lakh to Rs 22.17 lakh at a carpet area cost of Rs 4,000 per sq ft. Pradeep Aggarwal, co-founder and chairman, Signature Global Group, says, “We currently have a pipeline of more than 7,500 homes in Gurgaon. The group already has projects in Sectors 107, 93, 81, 71 and 103. Under this scheme, EDC and IDC have been waived and builders exempted from service tax. We plan to launch four more projects in this segment this year.”
Who can go in for affordable housing? People with a salary of around Rs 40,000 per month paying a rent of `15,000 per month can opt for it. They can access around 90% home loan with a tenure of 20 years – to be paid in just six installments, he explains.
Under the time-linked plan, if the cost of the unit is Rs 22,17,125, the buyer will have to pay 5% of the total cost of property at the time of application and 20% at the time of allotment. The first installment (12.5%) of the cost of the property will have to be paid after six months, the second after 12 months, the third after 18 months, fourth after 24 months, the fifth after 30 months. The last installment is paid after 36 months of the date of allotment.
In Gurgaon, affordable housing has been launched in sectors where density has reached its optimal level for group housing societies. The floor area ratio (FAR) offered is more than what one would expect in a normal group housing project. Instead of 1.75, a developer gets 2.25 (about 35% more) to develop this format. While a clubhouse might be missing, basic facilities such as crèche, community hall etc are included in the projects.