We use the terms budget and affordable homes very often, but do we know what it actually means?
The real estate sector is very well versed with the terminology budget and affordable homes. These words are used in positioning the units and creating a distinct identity for the project in the minds of customers.
With the launch of government’s Housing for all scheme-2022, the focus is on providing homes to all, budget and affordable homes being of prime importance. According to data of the last 5 years, the affordable housing sector has contributed the most in home sales.
According to a universally accepted definition, affordable units are those which could be afforded by a country’s population that earns less than that country’s average household income. In other words, houses that the low-income households and economically weaker sections (EWS) can afford are termed affordable housing. However, this definition changes according to the context.
The Ministry of Housing and Urban Poverty Alleviation defines affordable housing on the basis of size, price, affordable and income.
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