Food, Cloth, and Shelter are the three key ingredients to sustain oneself in the modern society. While the first two are considerably affordable, the third one has remained elusive for a lot of people in India.

But not anymore. The affordable housing market in India has made tremendous progress during the past 5 years with affordable homes being developed in various parts of the country.

What is Affordable Housing?

Affordable housing refers to the segment of homes that are deemed affordable with respect to the average household income of a state or country. These are cheap apartments, houses, and establishments that the middle income and lower income groups can manage to buy without financial strain.

In India, the affordable housing apartments lie in different price brackets for different income groups. The market prices start at as low as 5 lakhs for a 300 to 500 sq feet apartment and go up to 50 lakhs for a 600 to 1200 sq feet apartment.

Affordable homes are also characterized by a space-saving architecture that fits all the basic amenities such as washrooms, Kitchen and bedroom inside a compact space. Minimum compromise is made to the living quality of affordable living homes.

The Government Initiatives

The Government of India has responded to the rising demand for affordable housing in India with several affordable housing schemes, such as PMAY and Housing for all by 2022.

These schemes provide easier loans, a subsidized rate of interest and many other benefits to buyers of the new affordable housing.

Affordable Flats in Mumbai

We at Spacio Realtors have aided hundreds of buyers in Mumbai in finding suitable Affordable Flats in Mumbai that meet all the modern needs and are located in comfortable areas.

This includes home discovery, steps for acquisition, affordable rentals help and how to make use of government schemes.

We are also helping investors find the best affordable housing projects that are worth their attention, and promise lucrative returns as the affordable housing proliferates.

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