Benefits of Affordable Housing Concerning Property in Bangalore
Buy property in Bangalore will feel the impact of the government’s decision to provide housing for all. No one with an objective outlook can claim that the center is not dead serious in its attempt to provide housing for all of the countries residents regardless of whether such residents are rich or poor.
Housing for End Users
Affordable housing in Bangalore will be targeted towards end users as measures have been taken which builders in Bangalore and in other large Indian cities had been clamoring for, namely, providing the real estate sector with the status of an industry and hence lowering the borrowing costs from banks for builders as well as consumers. There will be a push for affordable housing in Bangalore and in all other Indian cities as middle to low income households that were thus far barred from becoming homeowners due to the high financing costs of homes find loans at EMI’s they can afford. As safeguards have been taken to ensure that only economically disadvantaged families are able to purchase affordable housing across much of the country, the end users who buy such New projects in Bangalore will be the economically disadvantaged themselves.
Expected to Control Price Inflation
Other benefits of more affordable housing in Bangalore is that such homes will help shun price inflation in the city. The price of many flats in Bangalore is already prohibitive to many who are even part of the middle class, once a new equilibrium between demand and supply is established, prices for homes which are intended for even the middle class are expected to fall.
What is Driving Builders To Build Affordable Units?
A smaller required carpet area means that many builders in Bangalore who may have shied away from building small unit sizes may soon find it profitable to do so. The size of homes is expected to increase by nearly thirty percent due to the actions of the government and its decision to count the carpet area of affordable flats in Bangalore and across other Indian cities as part of the built up area of the house. This decision will make it more profitable for builders in Bangalore and across India to partake in building affordable homes.