Desire to Own a Home
Moving into a house and free from the recurrent nature of living in rented residence is a dream that every person has when getting into family life. This dream that is romanticized gets even harder especially for the lower and middle-income segment of individuals residing in urban cities who envision a bright future.
Hurdles in Home Buying
There are many difficulties involved in purchasing a home which may be an apartment or a piece of land including securing a home loan which comes with its own hefty interest rates, as well as challenges associated with paying off the loan. A large segment of society will certainly be encouraged to buy a home if there is no home loan but in such situations it is a dream that many cannot afford. But when people are able to take a home loan, the repayment period then becomes stressful for many as it ranges from ten years to twenty years or even more sometimes. For lower and middle-income households, repaying the home loan in installments could be a big challenge as it negatively affects their monthly budget. In most cases but not all cases, there is none. Repaying home loans is a major challenge for people who work in fixed salary jobs in Indian metropolitan cities as these people where they have very little scope of earnings and no backup options.
Government Initiatives for Homebuyers
The current government while headed by Prime Minister Narendra Modi acknowledged the economic difficulties encountered by this category of society and therefore sought to introduce a home loan subsidy scheme, which has so far been a success. It helps soothe the mental torture of most individuals. This type of financial support has according to the last ten years seen a boost and indeed rapid growth in the construction of the urban housing and the real estate industry in the country.
The Real Estate Boom in Gurugram
Gurugram’s urban population has doubled, while the requirement of real estate, which includes residential and commercial properties has gone up three times. With the housing demand increasing at this alarming pace in Gurugram, the demand and supply gap has reach a level where it is a good time for real estate developers to step up construction works. Central and state governments can help beat the wishful thinkers and prospective property buyers by home loan interest subsidies.
Inculcation for Families of Middle-Income Class
During the Independence Day Speech on August 15, 2023, the Prime Minister Narendra Modi in one of his speeches conveyed the efforts of his governed towards the middle-income population of urban cities who have dreams of owning a house and want to move out of the rental house or slum area. His administration is eager to present a new home loan interest subsidy scheme, which is anticipated to be unveiled sometime in September.
Addressing Housing Concerns of Urban Homebuyers
In line with this commitment, the Union Housing and Urban Affairs Ministry has prepared a scheme aimed at providing relief to prospective homebuyers in urban cities. This measure is likely to be a big boon to people who have housing problems in the megacities including middle class people residing in rented houses, slums, chawls, and illegal colonies. The scheme will provide an interest subsidy on bank loans through which lakhs of rupees can be saved.
The Affordable Housing Vision in Gurugram
Gurugram, as a cosmopolitan city, has witnessed state government launching several housing projects such as flats or low cost premium low rise apartments. But at the same time, it is important for new homeowners to invest in real estate that is developed by developers with a good reputation. According to them, Signature Global is the most trusted developer in the city and that their housing and commercial real estate projects are safe and secure. They also offer excellent returns through rental income, appreciation, and returns on investments.
Conclusion: The Perspective of the Everlasting Homes
In India, the outlook of home ownership and urbanization is changing- in particular due to the benefits provided by new schemes and support systems. The government remains committed to making sure every citizen can afford to buy a house, and therefore, prospective home buyers can rest assured that their dream place, regardless of where it is located, will be closer to them.
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