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Saturday 21 January 2017

Do & don’t: Affordable Housing

Now a days there is a buzz in the market regarding HUDA affordable housing. People are still confused about the authentication of these project. They sometimes miss Judge HUDA affordable scheme with L-zone scheme of Delhi or some other scheme of Noida. For those who think affordable is a scam I would like to assure them that this is 100% genuine scheme (check HUDA website for more) and Yes now anyone can have their apartment in millionaire city Gurgaon in mere 12-25 lakhs.
Saying this it is also important to keep some points in mind before investing in affordable scheme otherwise one might get stuck in wrong project. So without wasting time let’s discuss the various pointers.
Ø  Location: In affordable housing since the per sqft rate is fixed for 4000 Rs so one should also chose location where per square feet price of other project is quite higher. It will give easy return on the investment as the price of surrounding is already high. So it’s always better to buy property near to the city like Pyramid sector 70, Pivotal sector 62 etc rather than going to remote area of Gurgaon.

Ø  Size: Now people generally thinks the affordable apartment as too small but the fact is that it is sold on Carpet area which makes it more pocket friendly. So if you are in confusion then ask the representative about room size or the super area whatever you are comfortable in co-relating with. In Affordable scheme builder can utilize at max 750 sqft carpet area so the buyer should always look for the bigger size.  It will hardly make difference of around 3-4 lakh and you will get a decent apartment.

Ø  Documentation of Builder: This is most important point as generally people get stuck in wrong project because of lack of information. It is true that documentation wise affordable apartments are far better as they have to have all the licenses and papers in place before launching the application form in the market. So if a project is launched then the builder have 95% of documentation done. Now before starting construction builder should possess Environmental Clearance certificate (EC) and also the time slot for completing the project is always calculated from EC so one should always ask about the status of it.

Ø  Builder Profile: Though builder profile is not that important in Affordable housing as HUDA has already set down the guide lines and they have to follow it but still it’s always better to check the builder profile and their client handling skills as finally you have to deal with them for all your documentation and payment purpose. So choose a fair and transparent builder with already going on affordable projects.

Ø  Site Plan: Having an apartment in Gurgaon in such a low price range is itself a boon but there is no harm for expecting more. So always compare site plans of different project. You might get extra facilities of like huge play-ground, open spaces and even club in some of them.

Ø  Management Quota: In Affordable scheme 95% of the flats are allotted through draw system and rest 5% is reserved for management quota. So if you want to opt for quota system then make sure you are dealing with genuine agent.

Ø  Avoid self-funding: Best part of affordable scheme is that you can get upto 90% of home loan. In some cases the booking amount is also financed which majorly depend on the location of the site. One should always try to avail Loan facilities as the interest rate is quite low now a days and it will give long term benefits on credit rating of the borrower and also increase the ROI on the property.

Ø  Avoid Joint Application: If there is two family members who want to fill the application always try to fill two different forms never go for joint application as it will increase your possibilities of allotment. Remember more is better.

So next time if you are thinking to fill Affordable application keep this pointers in your mind and you are good to go. Also if you were looking affordable apartment in specific location and you missed the chance of applying then contact your agent he/she might be able to help you out.

If you like the article please review or if you have some questions please feel free to ask.

Happy buying.


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