Affordable houses in the National Capital Region are expected to witness an escalation in the near future because of the development of road infrastructure. The plan may include widening of NH-24 and completing the construction of eastern and western peripheral expressways.
Development in the roads connecting to cities like Rohtak, Meerut and other small neighbouring cities of NCR combined with the construction of various flyovers on NH-2 and NH-8 would further ignite the supply of affordable homes.
Primary impact of this move would be that a large amount of unused land will be within a reachable distance from the important parts of cities. The cost of land acquisition, thus, is expected to come down, which is considered as one of the biggest obstacles in construction of budget homes. Therefore, bringing these areas within easy reach of cities will ultimately lead to building of budget and affordable homes on a huge scale.
The NDA government had laid down certain policies in an organized manner in the last few years to give a spike to the affordable housing scheme. Budget 2017-18 has been one of the biggest support and push to the concept of affordable housing through tax incentives. The budget even supports the developers to look into and work on the projects of affordable housing.
For the success of affordable housing, central housing has taken certain steps –
It has placed policy measures like providing status of “infrastructure” to the segment of affordable housing.
The criteria for eligibility of tax benefits have been relaxed under section 80IBA.
Pradhan Mantri Awas Yojana (PMAY) will see an increased number of allocations.
If these undeveloped lands in the isolated areas, where the cost is comparatively very less, are brought to use for developing budget homes through infrastructure, the budget home segment can obtain a boost. Once the area starts developing slowly, the big and prominent developers are expected to enter the segment as the demand might increase and they might see an immense scope of growth.
The new policies and measures are expected to divert many reputed developers in the direction of budget and affordable homes.