50,000 affordable homes will be on sale in Gurgaon by December

The department of town and country planning (DTCP) has issued over 110 affordable housing licenses majorly in Gurgaon and Sohna since 2014. Currently, there are over 1.8 lakh affordable homes (below 40 lakh) in various stages of development.

Gurugram: The affordable housing projects in Gurgaon NCR seemed to have impressed numerous buyers in the region. Despite the pandemic, the projection showed by consultant Anarock and other industry experts in which 50,000 affordable homes in Gurgaon would be sold by end of the year.

The department of town and country planning (DTCP) has issued over 110 affordable housing licenses majorly in Gurgaon and Sohna since 2014. There are over 1.8 lakh affordable homes available (below 40 lakh) in various development stages. However, around 80,000 units have already been sold from which only 22,000 are delivered to date.

The real estate experts’ state due to the gradual opening of the market and businesses returning to normal, the residential real estate sector is getting back on track.

Anuj Puri, chairman of Anarock, said a total of 1.16 lakh affordable houses are scheduled for completion in 2021. “Of these, at least 43% are in the affordable segment, 39% in the mid-segment, 13% in the premium segment and 5% in the luxury segment,” he said.

Pradeep Aggarwal, chairman of the Signature Global Group, agreed. “Fast-paced growth in places like MG Road and Cyber City generated a ripple effect that pushed development to new areas such as New Gurgaon, Southern Peripheral Road (SPR) and Sohna. The state government’s increased focus on affordable housing is assisting in the growth of these neighborhoods, where over 40% of units cost less than Rs 50 lakh.”

Surinder Singh, director of the GLS Group, said that in seven years, 80,000 houses were sold, and out of those only 22,000 affordable housing units have been delivered. “We estimate around 50,000 units are going to be delivered by the end of 2021,” he said.

Deputy managing director of MRG World, Vikas Garg, said that many people estimated that the housing market will be affected due to the second wave of Covid-19 which causes the people to postpone their home buying plan. “However, the affordable and middle-income housing segments are witnessing a significant movement,” he said.

Published by– Rao Jaswant Singh