Affordable Housing – The ultimate solution to city’s rising demand for Housing
The demand for affordable housing has surged over the period. Affordable housing can be described as the housing units by median income holders. However, developing a range for affordable housing has been a critical challenge for developers and builders in Thane & Mumbai. Undoubtedly varied countries have varied affordable housing patterns, but hold the same aim to make housing available for middle class people. Mumbai has been described as the land of the expensive housing market by the Reserve Bank of India in comparison to other cities. It becomes difficult for developers to build affordable housing options within the financial capital of India, Mumbai.
Some of the challenges for developing affordable housing:
- Construction Cost:The development cost is the sum of the many layers of the construction process. Structuring the accounts, adding the profit margin and delivering homes at affordable prices lists up the challenges majorly in the developing sector.
- Onerous Policies and regulations: Policies and regulations that frequently make it difficult for developers to proceed with the construction of affordable housing units are almost as restrictive as expenses. These laws and rules may be enacted at the federal, state, or even local levels and pertain to a wide range of issues, such as building codes, energy efficiency requirements, cultural landscapes, environmental laws, and many more
- Need of digitization to deliver efficiency: It’s not simple for developers of affordable homes to close a deal. Each project generates 150 files on average, and there are numerous duties and information that must be documented. Compiling information and making (and maintaining) checklists can take a lot of time, are prone to human error, and seriously slow down the development process.
- Being Resourceful despite dealing with mass production: Several developers employ inventive engineering design and include it in the engineering process to reduce building costs. It is quite successful, although it works best for a single house or at the very least a small neighborhood. Implementing innovation on a scale of hundreds of thousands of houses is far more difficult.
Government has also addressed the need to develop affordable housing projects and has allocated a budget of Rs. 79,000 Cr to enhance the sector of affordable housing. Homebuyers will have more financial flexibility to make a purchase, thanks to the extension of CLSS. Additionally, it aims to encourage homeownership among women and address the urban housing crisis for low and middle-income populations. Government has granted an amount in crores to evolve the category of affordable housing and boost new projects in various cities. To finish the dwellings approved until March 31, 2022, the program has been extended through December 31, 2024.
Developing countries witness a housing crisis a lot more than the developed countries. The schemes put forth by the Finance Minister will boost the affordable housing sector, that will resolve the housing issues in the country at a certain level. The accessibility of cash, and options for homebuyers to engage into home ownership is directly linked to upliftment of the country. More than 1.20 crore homes have received approval under PMAY as of November 2022, from which more than 64 lakh have been delivered.
One of the top builders in Thane & Mumbai, Puneet Urban Spaces have intricately designed affordable homes with collaborative efforts of skilled architects.
Meticulously curated 3 affordable housing projects to offer homes to every sector, Puneet Urban Spaces aims to develop spaces to boost the affordable housing sector by developing new projects in Vikhroli, Thane etc. Exclusively offering varied amenities with their homes to make life flow easy, at affordable prices Puneet Urban Spaces is a perfect choice for home buyers to make their move towards their dream home.
Come, fulfill your desire to own your dream home at Puneet Urban Spaces!