Affordable Housing In Noida

At Velocity, we are looking to make life easier for the numerous people with limited income and fulfill their dreams by offering affordable housing in Noida.

Pandemic has made people realized the value of their own homes. It is visible from the signs of revival reflecting the demand for affordable housing in Noida.

The Uttar Pradesh Government in coordination with the central government is providing various incentives to developers in view to boost the supply of homes in the affordable segment and to promote affordable housing in Noida.

Affordable housing in Noida caught the developer’s eye after it got infrastructure status. Infrastructure status means a lot of benefits to developers in terms of tax, completion time, enhanced refinancing facility, etc.

Such a move has enabled the developer to provide affordable housing in Noida starting at Rs. 10-15 lac.

Beneficiaries of this segment are eligible to get an interest subsidy. Which further reduces the actual cost of the flats.

Credit Linked Subsidy Scheme is one of the components under the Pradhan Mantri Awas Yojana (PMAY). Under it, the central government offers an interest subsidy on home loans. The subsidy is given interest-only & the subsidy amount is generally falls between 2 lac to 3 lac.

To promote affordable housing in Noida, the Ministry has launched an affordable housing scheme in line with the Pradhan Mantri Awas Yojana-Urban (PMAY-U).

Affordable Housing is meant for the urban poor that includes migrant and daily wage workers who belong to EWS (Economically Weaker Section) and LIG (Low Income Group) or MIG (Middle Income Group).

Residential real estate has bottomed out in 2020. Along these lines, there is an opportune time to invest in ready-to-move affordable housing in Noida.

FAQs

Q. What is the eligibility to avail the benefit of interest subsidy under PMAY?

Ans. Eligibility criteria: Should not own a pucca house in your name or the name of any other member of the family. The ownership of the house should either be in the name of the female member of a household or joint ownership with your wife, applicable to EWS/LIG and revised EWS/LIG schemes only. Should meet the income criteria as per various categories under the scheme. The carpet area of the house should be 30 sqm for EWS beneficiaries, 60 sqm for LIG beneficiaries, 160 sqm for MIG – I beneficiaries, and 200 sqm for MIG – II. Should not have taken a home loan or availed interest subvention benefit under the scheme.

Q.What are the criteria of EWS/Economically Weaker Section, LIG /Low Income Group?

Ans. EWS refers to those households whose annual income is up to 3 lakh, and LIG refers to those households whose annual income is Rs. 3 lac to 6 lac.

Q.What are the different categories of affordable housing?

Ans. In India, affordable housing is provided for middle-income people and the economically weaker section /EWS, and low-income group /LIG. They have considerably low levels of income.

Q. What is the deadline for the Credit link subsidy scheme/CLSS?

Ans. The Government has announced on Thursday, May 14, 2020, an extension of the deadline for the affordable housing credit link subsidy scheme till March 2021. The period for CLSS had expired on March 31, 2020. The announcement was part of the second trance of the govt-relief package.

Q. Can I avail the benefit of this scheme if I fall into any of these categories?

Ans. No, there are many eligibility criteria, and you should meet all these criteria.

Q. List best affordable housing project in Gurgaon.

Ans. The real estate sector of Gurgaon has been continuously witnessing the demand in the affordable segment that has prompted several developers to launch projects in this sector. Find the list of the best affordable housing projects as under: * Pyramid Elite * Signature Global The Millennia 2 * OSB Golf Heights * Tulip Lemon * Supertech Basera * Significant Deevan Housing

Q. How can I get the subsidy on a loan under Pradhan Mantri Awas Yojna to buy an affordable house?

Ans. Credit Linked Subsidy Scheme is one of the components under the Pradhan Mantri Awas Yojana /PMAY. Under it, the central government offers interest subsidies on home loans availed by applicants who fall under EWS/ Economically Weaker Section, /LIG/Low Income Group.

Q. What is affordable residential flat?

Ans. An apartment with 60 square meters of carpet area in metropolitan cities and 90 square meters of carpet area in towns fall in the affordable segment. The cost of the apartment should not be more than Rs.45 lac.

Q. What is an affordable rental housing scheme announced by finance minister Nirmala Sitharaman?

Ans. The Central Government will soon provide affordable rental houses to migrant workers and the urban poor. It was announced on May 14, 2020, in the relief package announced by FM. The scheme will be brought under the Pradhan Mantri Awas Yojana/PMAY scheme.

Q.What is the GST rate in affordable residential flat?

Ans. GST rate is 1% in affordable housing projects.

Q. What is the carpet area limit for affordable housing?

Ans. Any house built on an area of 60 square meters or less in metros and 90 square meters or less in non-metro cities with a ceiling value of 45 lac in both the cases will now be categorized as affordable housing.

Q. What is Affordable housing?

Ans. Affordable housing refers to the housing units that are affordable for those with income below the average household income. Affordable housing is a major challenge in the countries like India where a large number of people are not able to purchase homes owing to high prices. Affordable housing aims to provide homes for economically weaker sections, low and middle-income groups. The affordable housing sector requires different policies for rural and urban areas. As per the analysis in the last few years, affordable homes have an excellent demand. Property prices in the affordable segment vary between 25 lac to 40 lac.

Q. List best affordable housing project in Greater Noida.

Ans. Affordable housing is the only segment that has seen momentum in the last few years. State and central governments are also aiding builders who are launching projects in the affordable segment. Some of the best affordable housing projects in Greater Noida are * Oasis Venetia Heights * Migsun Wynn * SKA Metro Ville * Paramount Golf Foreste * SDS NRI Residency * SVG Height

Q. What is the maximum subsidy amount for each category?

Ans. The subsidy is given on interest-only & the maximum subsidy amount is EWS/LIG - - Rs.2.20 lac Revised EWS/LIG - Rs.2.67 lac MIG - I - Rs.2.35 lac MIG - II - Rs.2.30 lacer

Q. Why developer promote their project as Affordable housing projects?

Ans. In a view to divert developers from the luxury segment to the affordable segment, the Indian govt. decided that the affordable housing segment will get infrastructure status, which means many benefits to developers in terms of tax, completion time, enhanced refinancing facility, etc.

Q. List best affordable housing project in Noida.

Ans. The demand for affordable housing is exceptional in the last few years. The government is also offering a host of sops to encourage the affordable housing segment. Consequently, various developers have launched many projects in Noida to cater to the need of the middle-income group. Some of the projects are * Samridhi Luxuriya Avenue * Elder Live by the greens * Jaypee Greens Kosmos * Jaypee Aman * Antriksh Golf View

Q. How much loan is disbursed under the credit-linked subsidy scheme vertical of Pradhan Mantri Awas Yojna?

Ans. IIFL Home Finance Ltd., a company active in the affordable housing loan segment informed on 9 September 2020, it has approved loans worth Rs.7000 crore to 42,500 beneficiaries who belong to EWS, LIG and MIG.

Q. What do you mean by MIG- I & MIG-II?

Ans. MIG -I refer to those households whose annual income is Rs.6.01 lac to Rs.12 lac, and MIG-II refers to those households whose annual income is Rs. 12.01 lac to 18 lac.