Affordable Housing is the flagship scheme of the PMAY (Pradhan Mantri Awas Yojana) to fulfill the mission of ‘Housing for All’ by 2022. By definition, Affordable Housing refers to, “housing units that are affordable by that section of society whose income is below the median household income.” This is a group of people who generally fall under the category of Middle Class or Lower Middle Class sections of the society. A household making an income less than 50% of the Area Median Income (AMI) of a specific area qualifies to avail Affordable Housing. In India, majority of the population that is unable to afford housing facilities, especially in the metropolitan cities, stand to benefit from this scheme. The Government has also joined hands with private builders and developers to take the mission forward.
Affordable Housing is determined by the following elements:
- Economically Weaker Section (EWS) – Housing of 300-500 Sq. ft. of up to INR 5L with an EMI of 4,000-5,000
- Low Income Group (LIG) – Housing of 500-600 Sq. ft. of INR 7-12L with an EMI of 5,000-10,000
- Mid-Income Group – Housing of 600-1200 Sq. ft. of INR 12-50L with an EMI of 10,000-30,000
Among the metropolitan cities, Bangalore is known to be an ideal choice for people looking to avail the Affordable Housing scheme. Bangalore has lately become a home to many who have come from small cities and taluks, in search of job opportunities. The scheme has helped such families to afford a decent accomodation in the city.
Along with the Government measures, there are many private projects and builders who have undertaken this scheme in Bangalore. Weather you are looking for a plot or an apartment, investing in the right place ensures you of fulfilling all your needs within your fixed budget.
Some of the best housing projects in Bangalore offering 1 & 2 BHK housing under Rs. 50 lakhs are:
- Vaishnavi Serene: A project undertaken by the developer Vaishnavi Group, Vaishnavi Serene is located in Yelahanka. Spread over an area of 10.82 acres this project offers 1, 2 & 3 BHK housing in the price range of 25.95 and 52.72 lakh rupees.
- North East Paradise: A set of plots under the group North East Paradise, this is a 14 acres area located in Devanahalli with an average price of Rs. 28.8 lakhs.
- The Gordrej Properties: A housing project developed by the Gordrej Properties group this is located in the prime locality of Kanakpura Road. On offer are a range of 1, 2 & 3 BHK houses spread over 18 acres of land starting from Rs. 35.59 lakhs.
Other than these, there are many Affordable Housing projects coming up in the popular localities of Bangalore. Here’s a list to help you house hunt:
- Rays of Dawn: Offering a range of 2 & 3 BHK apartments with a price range between 43 to 49 lakh rupees, Rays of Dawn is located in the heart of modern Bangalore. This 60 acre land is in proximity to the IT sector localities like Electronic city, Nice Road, Bannerghatta Road and Hosur Road.
- Park Cubix, Phase 1: Located in the North-Eastern part of Bangalore this Devanahalli project has 810 units of 1, 2 & 3 BHK housing. Spread over 18 acres the project offers a price range of 26 to 61 lakh rupees.
- Sunworth, Phase 1: A contemporary housing project located in Kumbalgodu, Sunworth is a set of 1,440 2 & 3 BHK apartments with sizes varying between 800 and 1,083 sqft. Some of the popular nearby destinations are Global Village Tech Park, RV College of Engineering, Bangalore University, HAL International Airport, Bidadi Industrial Area, also with an easy accessibility to the Namma Metro line. The price range of the apartments is between 36 and 48 lakh rupees.
- Saroj Harmony: This is a group of 2 & 3 BHK apartments located in Halasahalli. It offers facilities like landscaped garden, rainwater harvesting plant, amphitheatre, sewage treatment plant, gymnasium, for a price ranging within 47.9 lakh rupees.
- SVS Signature: Located in K R Puram, East Bangalore, the project is known for its quality work and its sincerity in keeping up timelines. Situated 15 km away from the Bangalore City Railway Station, it has good proximity to medical facilities and schools. A set of 152 2 & 3 BHK apartments spread over 2.0 acres of land, SVS Signature is known for its affordable prices ranging between 24.6 and 37.6 lakh rupees.
Choosing the ONE among many such budget housing projects is a tough task. Let our experts at Zaasna help you. Get in touch now!.