By Mr. Harshvardhan Tibrewala, Roha Realty
The year 2020 will have reminisced the pandemic, India’s real estate sector, particularly that of the Mumbai Metropolitan Region (MMR), will remember it for the economic turnaround and demand revival. Stating that buyers have comprehended the significance of homeownership, the demand for quality affordable homes has ramped up massively which has been leading the pack. There also has been a great upsurge in the trend of people migrating from rural to urban India, bearing in mind the growth in employment opportunities and increase in aspirational lifestyles. The significant increase in the number of nuclear families is also a vital feature that is responsible for the strong housing demand being generated for cost-effective homes.
This housing segment was once characterized by parameters like smaller unit sizes, and homes that were limited to the far outskirts and were flagged by the perception of being strictly a LIG-related concept. The segment has been presently shredding its past image by catering to the burgeoning real estate markets of central and western suburbs, and satellite areas and have also made its presence felt in the city’s peripheral areas. With work-from-home still being preferred by most organizations, many prospective homebuyers have been considering shifting base to the peripheral areas and are investing in bigger homes at more affordable prices. The buyer’s preference for a change in the location will fuel property demand in the cities bordering areas.
Regulatory and government boost to affordable housing like ‘Housing for All by 2022’, Pradhan Mantri Awas Yojana, granting of infrastructure status to affordable housing, Credit Linked Subsidy Scheme for MIG buyers, and refinance of housing loans by NHBs have compelled developers and buyers to make inroads into this segment.
Hence it would not be wrong to state that the segment of affordable housing is poised to be a game-changer that the real estate industry has been looking for.
