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The concept of affordable homes introduced by the government is one of the most ambitious projects in the country. Particularly, it has created a positive effect in the real estate sector with several real estate bodies coming up with proposals to develop affordable homes. In the latest development in the industry, two recognized real estate bodies, namely CREDAI Maharashtra and CREDAI CREDAI-MCHI, have signed a pact with the government of Maharashtra to come up with more than 9 lakh affordable homes. The government aims to develop affordable homes for the low and middle-income residents by 2022. According to this agreement, the real estate bodies will work to deliver over 9 lakh homes between 2018 and 2022. This is a major boost for the ‘Housing for All by 2022’ plan. Evidently, these homes will be developed for the lower income groups and, unlike the luxury properties, these homes will have the basic features to cater to the needs of the people. The demand for a home in India is increasing, particularly in the metros. The leading developers are coming up with sophisticated apartments. However, these homes are being developed for the high-income and middle-income groups, while the ‘Housing for All’ scheme aims to provide homes to all sections of the people. The government has taken necessary measures to enhance the transparency in the real estate industry in the last couple of years. The demonetization in 2016 helped in curbing black money in the real estate sector to a certain extent. In 2017, the government introduced other economic policies like the GST and the inception of RERA which further strengthened the real estate industry. The regulatory body monitors the activities of the developers, cracking down upon the corrupt developers.
The Confederation of Real Estate Developers Association of India or CREDAI-MCHI will be developing around 2.5 lakh homes in Mumbai, while the remaining 6.5 lakh homes will be distributed throughout the rest of Maharashtra. The key reasons behind the high concentration of homes around the Mumbai region are the high commercial importance of Mumbai. The city has attracted homeowners over the years. People from various parts of the country are looking for homes in Mumbai. However, the prices of property in Mumbai are high. As a result, the low-income groups are unable to buy these homes. With the affordable housing policy, people from the middle class can buy these homes in Mumbai. They can purchase homes at low prices and seek various loan facilities from the banks. The rates of interest on these loans are low, and people can easily get these loans from the banks. As a result, they can get more access to a property in Maharashtra.
The developers stated that they would receive all the necessary facilities from the state government and various local authorities are going to support them in the process. The builders would be responsible to enhance the speed of the construction process, ensuring that the homes are delivered in quick time. Recently, the GST has been reduced from 12% to 8% in the real estate industry and the Pradhan Mantri Awas Yojna is likely to benefit the homeowners.
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