Pune attracts many students, working professionals, entrepreneurs, and businessmen due to the myriad of opportunities the city provides. Hence, there is a significant surge in affordable housing projects to meet the housing demands of this growing population. To meet the demand for housing that is both comfortable and affordable various developers, government bodies, and organizations are coming together to provide a solution to this challenge.
These solutions will boost the affordable housing segment in Pune:
Affordable housing demand
Although the residential sector is proliferating in Pune, the number of projects that serve the affordable segment is comparatively low. Home buyers from the economically weaker sections of society cannot afford to buy homes at significantly the current high property rates. Moreover, home loans are available at high interest rates which is another major hindrance. The rapid urbanization and demand from diverse populations are straining housing resources. These factors have led the government and related bodies to come together to find a solution to build an affordable flats in Chakan.
Government initiatives
To meet the pressing need for affordable housing, the government of Maharashtra has passed several schemes like Pune Pratham Awas to promote the development of affordable housing projects in Pune and other parts of the state. The Maharashtra Housing and Area Development Authority (MHADA) has been actively involved in developing affordable housing and providing subsidies to eligible home buyers.
Schemes like the Pradhan Mantri Awas Yojna have also played a crucial role in facilitating home ownership to the economically weaker sections with low-interest home loans.
Collaborations
Responding to the Prime minister’s vision of a concrete home for all eligible urban households by 2025, many developers are building compact and affordable apartments equipped with essential amenities and doing away with frills. Public-private partnerships have emerged as a promising model to deliver good quality homes like 2 BHK flats in Chakan accessible to a wide section of the homebuying population.
Positive impact
The boost in affordable housing has a positive impact on society.
- Economically weaker sections live a better quality of life in safer neighborhoods with essential facilities and well-connected neighborhoods.
- Individuals and families have a positive outlook fostering socioeconomic development and community living.
- Individuals from diverse economic backgrounds can participate in the city’s development ensuring inclusive growth.
- Housing projects closer to employment centers ensure a better quality of life by providing an ideal work-life balance.
The initiatives of the state and the central government have boosted the rise of affordable housing in Pune which is the need of the hour. As a result, many developers are developing affordable residential projects on the outskirts of Pune in locations like Chakan, Pimple, Wagholi, etc. The land parcels are cheaper in these areas allowing developers to build more affordable housing projects. These new localities will require good infrastructure development to ensure better connectivity for future residents.