The affordable housing policy of the Haryana government, which involves the allocation of apartments constructed by developers at a fixed rate, is expected to regain momentum. This is because the cabinet has recently approved a 20% increase in the allotment rates.
The surge in the cost of raw materials has led developers to request a revision of the rates from the state government. This adjustment is necessary as the rising costs have made many projects financially unsustainable.
Ashwani Kumar, Pyramid Infratech said, “The amendment of the Affordable Housing Policy-2013 by the Haryana Cabinet, resulting in the increase of allotment rates for affordable housing units, is a progressive and forward-thinking move. This decision reflects the government's proactive approach to tackling the real estate market challenges and providing adequate housing options for the people of Haryana. By recognising the market dynamics and adjusting the rates accordingly, the government fosters an environment where developers can thrive while ensuring affordable housing remains accessible. This policy amendment is a win-win situation for real estate developers and homebuyers. It creates a sustainable and inclusive housing market where affordable housing projects can flourish, and individuals and families can find their dream homes at reasonable prices.”
Avneet Soni, President of Omaxe Ltd said, “Due to the rising land prices as well as a substantial increase in key raw material prices, including steel and cement, developers were reluctant to take up new affordable housing projects and hence, there was a long-standing demand to increase the allotment rates for the apartment units.”
Rajjath Goel, Managing Director, MRG Group said, “By adjusting the allotment rates to match the increasing construction and development costs, the government has created a favourable environment for real estate developers to participate in the affordable housing segment actively. This decision will undoubtedly boost the confidence of developers, encouraging them to invest in affordable housing projects and contribute to the overall growth and progress of the state's real estate sector.”
Kushagr Ansal , Director, Ansal Housing said, “This great decision if Haryana Govt will be a boon in knowing more about the importance of affordable housing as it will lead to the implementation of more progressive policies, ultimately benefiting the entire housing ecosystem in the state.”
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