Developers hail Haryana Cabinet’s nod for amendment in affordable housing policy

financialexpress.com:

In an effort to rejuvenate the affordable housing sector, the Haryana government has approved a significant increase in the allotment rate of affordable housing units. The rates in Gurugram, Faridabad, Panchkula, Pinjore-Kalka have been raised from Rs 4,200 per sq ft to Rs 5,000 per sq ft, marking an average increase of 20%. This move has been well received by developers who believe that it will contribute to the growth of the affordable housing sector by stimulating fresh supply and attracting more investment.

Signature Global, which is one of the prominent developers with substantial focus on affordable housing, agrees that the higher rates would encourage developers to undertake more affordable housing projects, increasing the supply of affordable homes. This development brings positivity to the sector and ensures that homebuyers have access to quality housing options. The amendment is proof of the government’s dedication to promoting affordable housing and meeting people’s housing needs.

“We applaud the recent amendment in the Affordable Housing Policy-2013 by the Haryana government, which is a game changer for the sector. The increase in rates for hyper and high potential zones like Gurugram, Faridabad, Panchkula by ₹800 per sq ft on the carpet area makes affordable housing projects more viable for developers. This showcases the government’s commitment to addressing the housing need and creating a win-win situation for all stakeholders,” said Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.

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Several other developers have similar views. “It is indeed a welcome step by the Haryana government to increase allotment rates on