What is affordable housing mean?
In the real estate industry, the affordable housing has become a global concern as it provides an opportunity for those people who find financial difficulties in purchasing their dream home. So the real estate builders are setting up affordable housing plans to develop more affordable housing units in both the developed and developing cities in India. This is a better alternative to the expensive properties for the Lower-Income-Group (LIG) home buyers. However, the “affordability” differs from country to country and also between cities. On the whole, the word “affordable” differs based on the demographics which are now exclusively making the dreams of the Economically Weaker Section (EWS) & (LIG) people come true. So people can now purchase affordable apartments anywhere with the same comfort, security and features like the regular apartments in OMR Chennai and in any other parts of the city.
How important is the affordable housing in India?
The homeownership is not only the prime criteria for developing the affordable homes in order to help the people of certain demographics. There is much more to consider beyond the homeownership here. Also, the affordable housing projects are just not limited to the below the line, or for people who fall under the poverty line. It also includes
• The families earning an annual income of about 1 lakh rupees fall under the Economically Weaker Section (EWS) category.
• Also, the families who earn an annual income of between 1 Lakh to 2 Lakh rupees fall under the Lower-Income-Group (LIG) category.
• These people who come under these two categories are exclusively focused and applicable for the affordable housing scheme.
• The main reason behind this affordable housing development is to lessen the migration of working-class people since their needs are still unfulfilled.
• So this housing initiative provides the strong anchor of home ownership as well as supports a better lifestyle and provides financial security without having to migrate from place to place.
Is the affordable housing only for EWS & LIG’s?
People are confused about whether the affordable housing schemes are limited to only the EWS & LIG categories. But it is not. This is where the real definition of affordability comes into context. The meaning of affordability is wider than you know; it is to create segments of living spaces making homes affordable for a large segment of demographics. It also applies to the residents in the local city who are financially strong to purchase homes than the EWS and LIG.
These people are able to buy these affordable apartments developed in the outskirts of the city which comes with a decent price tag. But, they are counted as unfortunate to buy the regular apartments in the city or any other prime location. In Conclusion, people who are slightly strong financially than the EWS and LIG also come under this demographic.
Another aspect of affordable housing is that though how many affordable homes are under sale in the outskirts but less in the city is considered the city lacking affordable homes. This clearly states the city is deficient of affordable properties in the city areas. So eventually the people who are above the level of EWS & LIG is considered as potential home buyers as they can afford a 20 lakhs worth apartment since no one prefers to reside outskirts in an apartment worth 40 lakhs.
In conclusion, affordable housing is a new opening gate for all those people who dream of owning a home in their life to grab the anchor of “home ownership” and a property of their own. So grab this opportunity and own your property under the affordable housing scheme immediately.
Also Read: The pros and cons of affordable housing