RERA or no RERA, real estate prices in India continue to escalate.
The Indian government has introduced the Pradhan Mantri Awas Yojna to make affordable housing a reality for millions around the country. According to an ICRA report in 2016, government focus on providing low-cost housing that does not compromise on quality has also encouraged financial organisations to allocate more funds at low-interest rates to help quick growth in this sector.
Tamil Nadu’s boost to affordable housing
In early April, the Tamil Nadu government passed an order that housing projects with units within 430 sq.ft can construct 50% extra floor space index to boost apartments catering to lower and middle-income groups.
To help such projects, the government has also increased plot coverage norms by 10%, which will help the builder to increase the structure’s footprint by 10% as long as it does not violate any developmental regulations. This relaxation in norms is applied across the state and in Chennai metropolitan region too, encouraging people to once again explore the home loan market for low-cost housing in the city.
Some of the recently launched affordable housing projects in Chennai:
1. En Veedu by XS Real Properties – This was launched with great fanfare as the state’s first Pradhan Mantri Awas Yojana-compliant project. Developer XS Real Properties announced a low-cost housing project at Guduvancherry with 475 units comprising of 1 to 2 bedrooms that will be attractively priced in the range of Rs. 5 lakhs to 10 lakhs with government subsidy.
2. VGN Dynasty at Avadi – Though this is not under the Pradhan Mantri Awas Yojna, VGN Dynasty promised the rates of this project are below Rs. 30 lakhs and can be purchased by middle-class couples and single child families looking for affordable housing. The project has 2-bedroom apartments ranging from 650 to 750 sq.ft available at Rs. 2700 per sq. ft and located just 2 km away from Avadi-Poonamallee High Road.
3. TVH Svaya at Sriperumbudur – Though a little away from Chennai city, the ready to occupy project with both 1 to 2 bedroom apartments are ideal for people working in the Sriperumbudur industrial region. TVH Svaya has located just 3.1 km from Tambaram Highway, the project has aesthetically designed homes within 560 – 1085 sq.ft that are available at a rate of Rs. 2727 per sq.ft onwards.
4. Atana Arun Excello – Though this is not exactly a low-cost housing project, its competitive price at Rs. 2940 per sq.ft in the suburbs of Chennai at Padappai makes it an attractive option. Being developed by the Arun Excello Group, which is regarded as a pioneer in affordable housing, this project has both 1 and 2 bhk apartments sized 470 to 980 sq.ft located just 6.3 km from Outer Ring Road.
5. Mahindra Life Spaces Happinest at Avadi – The project comprises of 1 and 2 BHK apartments ranging from 585 sq.ft – 836 sq.ft priced at Rs. 2900 per sq.ft. Mahindra Life Space Happinest packed with amenities like landscaped garden, shopping centre, and multipurpose halls.
