Market Overview
India’s affordable housing market, valued at USD 3.17 billion in 2024, is projected to grow at a CAGR of 19.80% through 2030. Government initiatives like the Pradhan Mantri Awas Yojana (PMAY) have played a crucial role in stimulating this growth by providing subsidies and incentives to both developers and homebuyers.
Source – https://www.techsciresearch.com/report/india-affordable-housing-market
Affordable Housing in Mohali: A Case Study
The recent successful e-auction conducted by the Greater Mohali Area Development Authority (GMADA) highlights the strong demand for affordable housing in the region. The auction generated a substantial ₹1,893.80 crore, with the residential segment emerging as the key driver. This surge in demand reflects growing investor confidence and the potential for further growth in Mohali’s real estate market.
Urbanization and Demographic Trends
Urbanization and demographic shifts are significant factors driving the demand for affordable housing. As more people migrate to urban areas in search of better opportunities, the need for affordable housing solutions increases. Additionally, changing lifestyle preferences, such as the rise of nuclear families and dual-income households, are fueling demand for compact and affordable housing units.
Challenges in the Affordable Housing Market
Despite the promising outlook, the affordable housing market faces several challenges:
Project Location
Many affordable housing projects are located in remote areas, lacking adequate infrastructure and connectivity.
Construction Quality
Concerns persist regarding the quality of construction and adherence to building standards.
Unit Size
Affordable housing units often have smaller sizes, limiting their appeal to growing families.
Access to Amenities
Limited access to essential amenities like healthcare, education, and transportation can hinder the overall living experience.
Source – Anarock-FICCI Homebuyer Sentiment Survey – H1 2024
Solution to Affordable Housing Challenges
The Gateway is a thoughtfully designed township that addresses the challenges faced by affordable housing seekers. It offers a range of housing options, including residential plots, independent floors, and villas, all within a well-planned community.
Key features of The Gateway include:
Strategic Location
Benefitting from its prime location on the Chandigarh-Ludhiana Highway, The Gateway Homes provides direct access from NH-05 and is conveniently close to Chandigarh University.
Modern Amenities
. Experience a secure, sustainable, and luxurious lifestyle at The Gateway Homes, featuring advanced security systems, eco-friendly initiatives, wide roads, rainwater harvesting, and on-site sewage treatment, parks, clubhouse and more.
Sustainable Living
The project emphasizes sustainable practices, including energy-efficient designs and eco-friendly materials.
Affordable Luxury
The Gateway offers affordable housing options without compromising on size of the flats & villas, quality and comfort.
Conclusion
India’s affordable housing market is poised for significant growth in the coming years, driven by strong demand and supportive government policies. However, addressing challenges related to location, quality, and amenities is crucial to ensure the long-term sustainability of this sector. Projects like The Gateway, which offer a holistic approach to affordable housing, can play a vital role in shaping the future of this dynamic market.
