Affordable housing is the housing unit that is reasonable or affordable by the section of the society that is below the median household income. In other words, it addresses the housing needs of the lower or middle-income families. These homes are rated in a way that the households can fulfill the demand for their basic needs or living like clothing, food, transport, education and medical care. This housing segment becomes a critical issue in a developing nation like India where the majority of the population isn’t able to invest at the market price. As a rule, the housing segment should be considered affordable if the cost of the property is less than 30% of the gross household income.
Disposal income is the primary factor for the people in determining affordability. A result to this is that it becomes the responsibility of the government to look to the rising demand for the affordable housing segment. Various measures have been taken up by India’s government to meet the increasing request of the affordable housing along with some private developers and stressing on the public-private partnerships for the development of these units.
|Normal Project (1BHK)||Affordable Housing
|Normal Project (2BHK)|
|NORMAL HOUSING||NORMAL HOUSING|
|Area||300+100||400||440 + 100||500|
|Super Built-up Area||600||800|
|Rate per Sq ft||5,500||5,500|
|Cost of an Apartment||33,00,000||44,00,000|
|EDC/ IDC (400 per sqft)||2,40,000||3,20,000|
|COST (ALL INCLUSIVE)||12.5 lac all inc.||40,00,000||18 lac all inc.||52,00,000|
|Registry Charges 6 %||75,000||2,40,000||1,11,000||31,2000|
|5years maintenance||Zero||1,000 Monthly (60,000)||Zero||2,000 monthly (12,00,000)|