For majority of Indians, the dream is to own a simplistic & an affordable house. A NRI buyer would not want to put all of his/her money once. They would look for a practical and pocket friendly option. Many game changing reforms have been introduced by Prime Minister Narendra Modi. With initiatives like Pradhan Mantri Awas Yojana (PMAY), PM Narendra Modi comes with a bold vision of providing affordable housing solutions for all Indians.
The ‘infrastructure status’ granted to affordable housing, was a long-standing demand by real-estate developers who can now enjoy the benefit of lower borrowing rates, tax concessions and increased flow of foreign and private capital into their projects. After the government gave a number of sops to the affordable housing segment, the demand is expected to shoot up. For an NRI, wanting to return and settle in India, affordable housing will be the best choice.
Affordable housing has a as a high rate of absorption, which makes it a profitable business. Affordable housing also helps in socio-economic growth both at a locality and city level, because it invites in higher earning groups. With the new developments in affordable housing segment, wider investor community will be motivated to invest.