July 10, 2023: The allotment rates for homes under the affordable group housing (AGH) category have been increased by the Haryana Cabinet by an average of 20%. The move was made to revive the affordable housing sector in Haryana. An amendment in the Affordable Housing Policy-2013 under the Development and Regulation of Urban Areas Act, 1975 (Act no. 8), was approved on July 8, 2023, to effectuate the changes.
The rates prescribed for the hyper and high potential zone, which includes Gurgaon, Faridabad, Panchkula and Pinjore-Kalka, have been increased by Rs 800 per sqft on carpet area, from Rs 4,200 per sqft to Rs 5,000 per sqft. For other high and medium potential towns, it is proposed that rates be increased by Rs 700 per sqft on carpet area. Similarly, for low potential towns, it is proposed that the allotment rates are increased by Rs 600 per sqft on carpet area. These revised rates will be applicable on all licences which haven’t been allotted yet.
After the amendments, the rates of balcony have been increased by Rs 200 per sqft, which becomes Rs 1,200 per sqft. This was done so that the required construction cost could also be recovered by the developers through balcony by increasing its rate. The developers welcomed the rate hike, claiming that it will help in managing new projects better due to the significant rise in cost of inputs. The experts, on the other hand, did not support the government’s move, claiming that the price hike is too steep and unjustified, and will make affordable housing unaffordable for the common people.
The Affordable Housing Policy was notified by the Department on August 19, 2013. This policy is intended to encourage the planning and completion of group housing projects.
Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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