Affordable Housing

The GST Council's GoM proposes increasing the affordable home price barrier from ₹45 lakh to ₹55 lakh. If authorised, this might help budget homebuyers by matching GST incentives with growing property prices and increasing housing accessibility throughout India.

To promote affordable housing in India, the government has quadrupled the financial allocation to ₹10 lakh crore under the PMAY Urban 2.0 scheme. This extra funding is intended to boost affordable housing, especially for individuals relocating to cities for better jobs.

Many middle-class Indians are losing their goal of home ownership as property prices rise, making affordable homes scarce. With the average property costing ₹1.2 crore to ₹1.4 crore, homeownership is becoming increasingly difficult to achieve.

The Pradhan Mantri Awas Yojana (PMAY)'s financial assistance for 30 million more housing units will boost affordable housing and move closer to the government's goal of housing for all.

In Mumbai, where 40% live in slums, finding a house is difficult. Despite government pledges, many slum redevelopment programmes are unfinished or controversial. Example: Hari Nagar-Shivaji Nagar SRA Housing Society.

The government's newest proposal in the Interim Union Budget for 2024-25 offers a comprehensive strategy to empower worthy middle-income people. Tenants in chawls, slums, and unauthorised colonies are being offered a chance to buy or build their own houses. A wider approach to improve quality of lif

The Union Cabinet has extended the Pradhan Mantri Awas Yojana (Urban) till December 2024. This decision, announced in an official statement, extends the June 2015 plan. The original March 2022 'Housing for All' Mission aims to provide pucca dwellings to all qualified urban inhabitants.

Homebuyers are encouraged by rising house affordability in key Indian cities. The percentage of income needed to pay monthly home loan payments has reduced despite rising mortgage rates over the last year.

Gurugram, known for its modernism and progress, will get another iconic housing project. Signature Global, a real estate giant, bought a 25.75-acre plot in Fazilpur. On this freshly purchased site, the business plans to develop an ambitious group housing project to raise the standard.

The Indian Government, under the stewardship of Housing and Urban Affairs Minister Hardeep Singh Puri, is on the brink of unveiling a pivotal interest subvention scheme aimed at bolstering the urban housing sector.

The Maharashtra and national governments are leading India's biggest low-cost housing project to address urban housing issues.

The Government of India is urging banks to use the'special window' it has opened up to expedite the completion of large-scale real estate projects worth more than 3 lakh crore.

This week, the Mhada Mumbai Board will begin collecting applications for its impending lottery for 4,083 apartments and tenements. The application deadline is June 26, 2023, and the draw is scheduled for July 18, 2023.

Casagrand has introduced Casagrand Aspires, an affordable residential community in Chennai's Navalur neighbourhood. The sprawling 1.76-acre property with 316 apartment units offers a variety of 2- and 3-BHK apartments starting at just Rs 3,599 per square foot.

SWAMIH - Affordable Housing Fund Seeks to Complete 81,000 Homes Within 3 Years