The Department of Town and Country Planning (DTCP) has invited bids for the development of affordable homes in Gurgaon. The affordable housing inventory in Gurgaon should witness a major increase and the department has now sought applications for getting licenses to develop more than 3 lakh affordable housing units. Haryana has already made amendments to its Affordable Housing Policy of 2013 last October. This extends the current 300 acre cap in Gurgaon to a whopping 1, 935 acre.
Taking the earlier cap into account, DTCP had come out with affordable housing licenses for 331 acres. Approximately 46, 000 units are now coming up across sectors on the NPR (Northern Peripheral Road) which is also called the Dwarka Expressway and the SPR (Southern Peripheral Road). The Gurgaon District has adequate coverage under three plans of development for Sohna, Gurgaon and Gwalpahari. The Gurgaon-Manesar Development Plan will now have 1,650 acre allocated exclusively for affordable housing. Gwalpahari will now have 15 acre allocated exclusively for affordable housing while this will be 270 acre for Sohna. Sectors 1-115 in Gurgaon will finally get approximately 2.97 lakh affordable housing units with an added 48, 600 and 2, 700 in Sohna and Gwalpahari respectively.
Experts have stated that this is a positive development for the real estate sector in Gurgaon. This will lead to an increase in affordable housing supply while there will be heightened competition amongst real estate developers. The scenario will eventually prove beneficial for buyers as per experts. With increased supply, buyers will have more choices at their disposal. People who possess land can also apply for getting new licenses. There is major demand for affordable housing as per several real estate developers and the supply increase will tap more buyers. This will lead to a revival of the real estate market in Gurgaon. Prices of residential units are quite high in Gurgaon and a major chunk of aspiring buyers can hardly afford them.
This market segment will get the opportunity to own a house with these affordable housing projects as per experts. The increase in supply will also help in catering to growing demand in the city. However, there are concerns related to the slow pace of infrastructure development in several new sectors. Power, roads and other civic amenities have to be implemented swiftly in order to fuel the growth of the affordable housing segment as per experts. According to several studies, the developed sectors between 1-58 in Gurgaon currently lack availability of big land parcels. As a result, this policy will cover the sectors between 59-115 which are new and 54 sectors are residential zones in this tally. More people will now be able to buy homes with the PMAY benefits and lower prices. There will be affordable homes sold on the basis of carpet areas along with fixed rates.
