Thursday, 7 September 2017

What Exactly Constitutes Affordable Housing?

India is one of the growing countries where the highest amount of population belongs to the economically poor class, lower middle class, and higher middle class. There are very few higher class people, as compared to the other class, however they are the pioneers of real estate in India. Be it economically poor or middle-class, everyone has one simple or basic need of a house for oneself and family. Though higher class people can buy houses easily at any price but the other class of people want a house which is affordable.
Layman Meaning of Affordable House
In simple words, affordable houses can be justified by a house which gives accommodation plus maximum expected amenities at a lowest possible price within the budget of an individual. Their expectations are less from the house but the price of the house must fit the allocated budget. That's the meaning of affordable houses. It is noted seriously by property builders in India, because they can only work best when they know what the target audience actually wants from them.
Specific Definitions of Affordable House
There are multiple definitions available, which can be considered for a house to be an affordable house. If we talk about what Reserve Bank of India (RBI) called an affordable house, it is related to the price. In metro cities affordable house should be priced less than Rs. 65 lakh and in non-metro cities it should be less than Rs 50 lakhs.
Economically weak people or poor people, who are basically daily wage earners; for them affordable house is having a house of area between 300 to 500 square feet and priced less than Rs 5 lakh. For the people who have low income, for them, house within the price range of Rs 7 lakh to Rs 12 lakh with an area measurement of 500 to 600 square feet is the affordable house. Middle-class people can afford up to Rs 12 lakh to Rs 50 lakh for a 600 to 120 square feet and that is the affordable house for them.
Government Consideration
The government is planning and working on many initiatives regarding housing for all. As it's not possible to give costly houses to people, so the government and the developers are focused towards affordable houses. This gives chances to fulfill everyone's dream of a house which is within their means for meeting up maintenance expenses. With this consideration, the government can achieve the target of “House for All” by 2022.

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