Now there’s no reason to search further as nothing can be closer to the succession of your dreams than Vishal Construction Company. With the increasing demand and the skyrocketing price of real-estate, affordable housing, has become a highly difficult task but not entirely unattainable.
Property in Jaipur is something similar to a number game; more the people in the city or town, greater will be the need for housing. By all accounts, the population of India is estimated to be somewhere around 1.35 billion and is growing yearly at the rate of 1.11 percent. Meanwhile, the amount of habitable land remains limited. The most difficult task is to provide affordable housing to the low-income city dwellers, however, not at the expense of the quality, reliability and connectivity. Though different nations, or areas even, may have a different basis of affordable housing the basic edifice remains the same i.e. affordable housing must resolve the needs of lower or middle class families. The booming opportunities in the industry and IT sector have made affordable flats in Jaipuraccessible to people of middle income.
There were times when people used to struggle to make their month-to-month mortgages but the things have changed now. These days, there is a rage of many real estate agencies who provide affordable housing options, however, they only excel when they provide quality coupled with affordability.
Challenges to the affordable housing
It’s been almost a decade when the term affordable housing started going rounds in India, unfortunately, decades after the reality is still bleak. With governments and private sectors both fighting tooth and nail trying to provide for the shortage of houses for the mid and low-income people, it is surprising that people are still grappling with this basic need.
With the growing demand for 2 bhk flat in Jaipur for the middle-income section of the society, the need for developing affordable housing projects are imperative today for India’s developers. However, challenges such as supply crunch, unstable property rates, lack of amenities and infrastructure are a few hindrances and provide a big stumbling block. Moreover, the lack of availability of urban land at affordable cost, constantly increasing the cost of land and labour, humorous fees and taxes and regulatory issues and unfavourable development norms are some of the woes faced by the developer, which in turn hinders the desired growth and implementation of affordable apartments in Jaipur.
Opportunities in Affordable Housing in India
Affordable housing is emerging as India’s centre stage. With real estate agencies like Vishal Construction Company, the need for affordable housing has been solved somewhat. On the basis of research and census it has been found that a few years from now, it is highly likely that the 2/3rd of the world’s population will be concentrated in Urban areas only. Thus this market has the potential to reach up to the mark of 4-5 trillion.
Quality along with affordability
While everyone is solely focusing on the need for affordable real estate in Jaipur, there is an arising need to provide necessary connectivity and social infrastructure and to allow these projects to develop as habitable and vibrant communities. Major agencies like Vishal Construction Company are taking over the task to provide highest quality residential accommodations for the middle-income strata of the society. Such agencies are doing their best to provide connectivity to every need and amenity of the people.
High construction cost
While it is the land prices that account for the majority of cost in real estate projects, high construction cost also utilises a substantial amount of funds. Although, the research agency has predicted an enthralling demand for 25 million homes in the middle-income group and the lower-income group categories over the next half-decade, however, the biggest challenge is freeing up the land for construction and exponentially increasing labour and construction cost.
In the long-term
With all the money and time invested in real estate projects, it is still a highly untapped market. To make it more promising and to increase its outreach, there has to be a comprehensive framework. The roadmap for the long term should be such that it should customer-centric, that is, for the low budget flats in jaipur at the lower level of interest.