Car parking, Area increase will boost Affordable housing in Gurgaon

The decision to increase the area of affordable housing projects and allow car parks will boost affordable housing in the state, said realtors engaged in developing such housing. The government on Wednesday amended the affordable housing policy of 2013 to boost supply, create more commercial components, like shops, and make it attractive for buyers

As per the amendments, the maximum area has been increased from 10 acres to 30 acres while the minimum area has been reduced from five to four acres, with the caveat that the size of the community building will not be reduced. Under the amended policy, the commercial area, where shops and other facilities can be set up, has been increased from 4% to 8% of the net planned area.

An important change that has been incorporated by the government, which has been a long-standing demand of developers, is that they will be allowed to provide one car park space for each unit and the rate would not be more than 5% of the cost of flat against such an allotment, a government official said.

City-based real estate developers, consultants and experts said that the amendments will give a major boost to affordable housing, as bottlenecks in supply will be removed and a large majority of buyers who refrained from purchasing houses due to lack of parking would now be more enthused.

Amended policy will ensure continuity in the recent uptick in demand after a lull due to Covid. A tripling of the project size limit and reduction in lower area limit will give supply a push, “The provisions for car park space and additional commercial space for convenience shopping within the housing complex will boost demand side of affordable housing,” he said.

Gurugram has the largest number of affordable housing projects in the state and around 80 projects are in various stages of development. Given the interest shown by homebuyers, the department of town and country planning has been taking several measures to increase the availability of such units and taking steps to streamline the process

Source : HT