Middle-Income Homes to Get Economical

August 27, 2007	(Be the first to rate this story!)  Loading ...
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Private Developers buying land from the Delhi Development Authority (DDA), or any individual holding government land in the National Capital Region (NCR), will have to now reserve a portion of the floor area ratio to construct houses for middle-income families, according to the plans of the Ministry of Urban Development.

The floor area ratio has not yet been decided, says an official. The ministry has already made it compulsory for private builders to reserve 15% of the floor area ratio and 35% of houses built for economically weaker section, if they acquire land from any government agency. In case, developers try to violate the rule, they have to return 35% of the apartments or the occupied 15% of the floor area ratio to the government agency.

Property prices are going through the roof and nothing seem to be economical for the middle class. This has encouraged the government to come up with good proposals for middle-income families.

The demand for affordable housing units is rising among middle class as property prices have spiraled in the last couple of years, raising by 30-100% in the metros and NCR.

Taking the advantage of ongoing trend are some private builders who have announced plans to make economical flats for the middle class. These would be two or three bedroom apartment, either in Tier I or Tier II/III cities.

News Published Under:   Real Estate India |

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