The term ‘home’ is a very diversified concept in a country like India. It ranges from small and medium-sized flats to multi-million dollar homes, however, an affordable house is what most of the population is looking for. Right now the feet of the real estate industry is deep in the mud and needs some miracle in order to be in a condition it was a decade before.
After the initiatives from the government where it was promised to provide a home for everyone, affordable housing is the next big thing. The real estate sector is supposed to grow by a big margin in the coming future. In the past 2-3 years, there has been a considerable growth in the affordable housing project across the major cities in India where 71% of homes were priced below 50 lakhs INR.
Due to the result of the government supporting plans, more real estate developers are taking part in making a way into the affordable housing segment. The concept of affordable housing was buried deep but now unearthed with the government backing up the process.
New policies like RERA (Real Estate Regulatory Authority) have brought transparency in the process due to which new or first time home buyers are taking interest in buying a home with high confidence. The buyers are finally getting homes that meet their budget and the availability of easy finance is also one of the reasons driving the demand for affordable housing.
There are many organizations making their way into the market by launching new financial products and schemes that help the buyers take better financial decisions. Among them is the Down Payment Assistance Program by HomeCapital. It provides up to half of the down payment amount to the home buyers which is in the form of interest-free credit. They also have a number of properties that are listed under their offerings for which they are providing down payment assistance. With this, they have provided a way for the buyers to buy their dream home now instead of waiting years to accumulate savings.
Budget homes is a dream that everyone is hoping for it to become a reality and may take more time to complete. The initiatives from the government, regulations, rising demand in housing and urbanization, and increasing affordability are helping to transform buyers into proud homeowners.