The pros and cons of affordable housing

Villas in OMR - The pros and cons of affordable housing
The pros and cons of affordable housing

 

In the recent times, most real estate developers announced affordable housing project and this shook the nation as it gives the opportunity to own a house by every individual in the country. Usually, an apartment in the center of the city near to the workplace with all the amenities would cost loads. Now things are changing with new government scheme and with the Indian real estate market with this new affordable housing project in all the cities. Who wouldn’t say yes to own an apartment in the middle of a metro city with all the facilities and modern amenities? Even though it is far away from the city, no individual would reject the offer of owning their dream home for affordable price amount within 30 Lakhs.

This trend of affordable housing is rapidly catching up in the Indian real estate market and now the reputed builders in Chennai, Mumbai, Kolkata, Gurgaon, Bangalore and Hyderabad are offering apartment units within all budgets.

 

What is affordable housing?

The small residential units constructed in the inner-city with necessary amenities for specific income groups which are fairly priced and affordable is what an affordable housing is. The factors contributing towards the pricing of the units are based on the location, project, specifications and amenities. Though the price of the affordable housing units is reasonable, there are differences between projects as to their specialities and the constructing methods.

However, in India, the affordable housing unit price ranges up to 45 to 50 lakhs maximum and is usually within the city and some flats are away from the locale. As the prices are increasing day by day in the real estate market in the metro cities, this is where the affordable housing opens its door for the average middle-class people. The cost is the one major factor which is attracting these people to fulfil their dream of owning a home.

 

The pros

Timely delivery: Buyers can expect timely delivery of their corresponding units without any delay as there is a huge demand for these housing units. Also, there is the largest segment of corporate groups showing interest in affordable housing units. This makes a perfect solution for the nagging excuse for delay in handing over.

Good resale value: Investors who want to sell their house can expect fair resale value for its demand.

Huge number of end-user: There is no worry about finding the potential buyer or tenant when you decide to offer you apartment on re-sale. This is why a huge number of investors are flocking to invest in the Apartments in OMR Chennai as they could obtain a good resale value as there is a lot of IT professionals suit a potential buyer.

 

The Cons

Remote areas: It takes few minutes to drive into the city as most of the affordable housing flats would be built away from the center of the city.

Less rental income: You cannot expect the same rental incomes as the flats in OMR for the units which are away from the city. This means, there is a possibility of the tenant negotiating the rental amount.

 

Conclusion

If you, buyers would like to buy a unit in the affordable housing society, then know each and every specification the developer provides. Though there is a lack of all luxury and modern amenities in the housing community, you’d have all the basic necessary amenities like gated community villas in OMR like structure, clubhouse, parks, lawns, meditation halls, and other mandatory features like security. Also remember buyers, a wise and simple step to owning your dream is the affordable housing.

 

Written By: