Real estate is booming undoubtedly, especially in emerging economies. It has been observed that people in mass are relocating to the cities due to several factors. Cities offer various employment opportunities, easy access to education, healthcare, complemented with improved standards of living.
However, a stark difference between housing supply and demand has resulted in an imbalance in the housing industry. This led to the advent of affordable housing policy in India. Leveraging this opportunity, several prominent and renowned real estate developers such as Agrante Realty Ltd. are coming up with affordable housing projects in top locations across the nation. One such esteemed and under construction, residential project is Agrante Kavyam Homes Sector 108 Gurgaon.
This RERA registered project under HUDA Affordable Policy will house approx 723 apartments and shares close proximity to the Indira Gandhi International Airport and also to the capital – Delhi.
This major housing initiative taken by the Government of India will help real estate developers to implement innovative methods to help streamline the approach to tackling the housing issue. According to a report published by one of the Big Four Auditors, KPMG, Indian realty witnessed billion dollars plus deal in Gurgaon. Therefore, it can be said that the past two years have proved to be landmark years for India’s real estate landscape.
The flagship scheme introduced by NDA led government, Pradhan Mantri Awas Yojana (PMAY), didn’t receive much participation in its initial stage. However, with the gradual passage of time, the scheme gained huge popularity and more and more reputed real estate developers started taking interest in the scheme.
The result of the wide participation is reflecting in the reports wherein the housing industry in India has performed exceptionally well as compared to earlier years. The residential market needed clarity and transparency in the process and new regulations, and changes in the policies introduced that much-needed clarity and transparency.
One more major contributor to the growth of real estate in Gurgaon is the adoption of technology in the real estate industry. Emerging technologies are dissolving the traditional issues that used to crop up. Some major issues faced by this particular industry are maintaining the land records, land ownership rights, and procuring goods and services from a trusted source at a feasible price and cost.
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These issues were solved with the help of popular blockchain technology. The state of Andhra Pradesh has already tied up with a Swedish start-up company to develop a block-chain based solution for its real estate related issues.
Affordable homes in smart cities are rapidly gaining momentum powered by adoption in technology. Gurgaon is in the cusp of transformation with the trend of PE (Private Equity) players and NBFC’s investing in the housing finance companies, especially with those, whose primary focus is on the affordable housing segment.
In the coming years, this sector will garner immense support from numerous stakeholders, investors, and developers. The growth momentum of affordable housing in India will soon witness an upward trajectory.