By Pradeep Aggarwal, Founder & Chairman, Signature Global Group, Chairman, ASSOCHAM, National Council on Real Estate, Housing and Urban Development
With improved demand and supply in the affordable housing market, the real estate sector, which has been going through a rough patch for the past few years, is gaining traction in Delhi-NCR. According to a report by property consultant Anarock, affordable housing — defined as units costing less than Rs 45 lakh — has seen the highest demand since the pandemic hit the nation. In 2020, affordable housing accounted for 40% of demand, up from 31% in Covid-19 — a 9% rise. Nearly 38 percent of the overall affordable housing demand in the country came from Delhi-NCR. Affordable Housing in Gurgaon accounted for 32 percent of total demand in the Delhi-NCR region, led by Greater Noida (24 percent).
Between 2018 and 2020, 79,840 affordable units were introduced in Delhi-NCR. Nearly half of these were in the affordable category. Last year, a total of 18,540 units were available, with affordable housing accounting for 61% of the total. The supply and demand are in harmony. Gurugram has the most affordable housing stock, with 6,590 affordable units out of 11,180 new units launched last year. Between 2018 and 2020, Signature Global, a leader in affordable housing, launched 19 affordable projects. Gurugram has the highest demand, with 32 percent, followed by Greater Noida (24 percent), Noida (18 percent), Delhi (12 percent), Ghaziabad (8 percent), and Faridabad (6 percent).
According to the most recent update to the Affordable Housing Policy, each dwelling unit now has one free parking space. Furthermore, the state government’s increase in the project area cap through this amendment would encourage many reputable real estate players to come forward and create affordable housing, which has long been in demand. An increase in the commercial area of a project, which means more margins for developers coping with low income, is another boon to the sector.
In the last few decades, the economic growth in Gurgaon has supported accelerated urbanization and growth of the migrant population coming to the millennium city offering maximum employment opportunities. Rapid development in on MG Road and Cyber City created a ripple effect and pushed developments to new Gurgaon and the southern parts of Gurugram; this led to the emergence of new areas like Southern Peripheral Road (SPR) and Sohna Road – taking you to the Sohna town. Sohna’s real estate market is led by affordable and mid-segment housing. Emphasis on affordable housing is also pushing further the development of this region where more than 40 percent is under Rs 50 lakh.
Talking of Affordable Housing in Gurgaon, sector 95 is the area that is popular and Signature Global Aspire is a project which opens for application till 18 April 2021. The project offers 2BHK units in 22.45 lakh and offers all major amenities.
Signature Global has two projects in South of Gurugram — Serenas and Signature Global Park, under Haryana Affordable Housing Policy and Deendayal Awaas Yojana respectively. Serena’s has been sold out and SG Park’s first phase is ready for delivery.