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Private developers such as Unitech, Rahejas and Ramprastha are readying plans to enter affordable housing in Gurgaon, within days of the Haryana government unveiling a policy on that segment. Builders claim that affordable houses in Gurgaon, so far known for its luxury and mid-end properties, could have a price tag of as little as Rs 12 lakh.
DLF has so far denied getting into affordable segment.
Navin M Raheja, managing director, Raheja Developers, said the company plans to come up with two affordable projects in Gurgaon following the state government’s policy. This will be Raheja’s first venture into affordable housing, and it wants to go strong on it.
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Unitech and Ramprastha are examining the new policy and might launch projects under it, according to people close to the development. Unitech already has affordable projects under brand name – UniHomes in Noida and other parts of the country.
Experts say this will bring in another real estate boom in the state as there is a huge demand for affordable housing. The demand for this category is pegged at around 50 million and supply is just 50,000 units.
Currently, the mid-end property prices in Gurgaon range between Rs 7000-8000 per sq ft and it has become the hotspot destination for investors as well.
According to the new policy, the carpet area will be anything from 28 to 60 sq metre (301.39-645.83 sq ft) and price has been fixed at Rs 43,000 per sq m (Rs 4000 per sq ft) in Gurgaon, Faridabad, Panchkula, Pinjore-Kalka and across rest of the state at Rs 38750 per sq m (Rs 3600 per sq ft). However, at least 50% of the apartments have to be built with a carpet area equal to or less than 48 sq m (516.67 sq ft).
Carpet area is the actual usable floor area of an apartment excluding the area covered by wall or any balcony. The total area of the project will be from 5-15 acre.
Developers will be able to launch group housing projects under the new policy only after grant of licence and the projects have to be completed within 4 years from approval of building plans or grant of environment clearance, whichever is later. The licence will not be renewed beyond the said 4 year period from the date of commencement of project, according to the policy.
The licence for projects will be given on first-come-first-served basis, while flats would be given through draw of lots. The licence fees and other such charges such as infrastructure development charges associated with the project, to be borne by a developer, have mostly been waived off by the state government.
The floor area ratio (FAR) for the projects have also been increased to 225 against 175 permitted in normal group housing projects while ground coverage has been increased to 50% against 35% allowed in normal group housing projects.
The state government plans to build about 1.25 lakh units for low income and lower-middle class population.
