With rising inflation, it is becoming increasingly tough to find affordable housing. In cities like Pune which is a rapidly growing metropolitan the Union Government has published a notification regarding its infrastructure status to affordable housing projects. These are the ones which utilize 50% FSI or Floor Space Index for building with a carpet area of 60 sq. m.
To ensure people such as auto drivers with a household income of Rs. 20,000 or so being able to afford the house government has to declare some apartments for the poor section. This step will make sure that 10% of the poor populace can easily get its share of affordable housing to secure their future.
Moreover, leading lending institutions such as NBFCs offer home loan at an affordable home loan interest rate to this section of the society. Though, for this section or the so-called middle class to enjoy the benefits of additional funding they must be made aware of the benefits of home financing.
While Credai-Maharashtra discussed this situation and has urged for the solution of these residential projects in Pune. They said that they needed lenders to provide loan rate between the ranges of 6% to 7%. Besides, such areas must have the right infrastructure too for these residential projects to be made. The stamp duty can be waived off and the partnership models must be initiated where plots were given to the builders for construction of these affordable apartments.
Additional Read: Top 10 Most Affordable Cities in India to Buy Property
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