Affordable housing segment today seems to have become the buzz word in the real estate market, both for the builders and buyers. The demand for affordable housing has been on the rise for a long time now in the capital city of Bhubaneswar even as luxurious housing projects have come up in this city in a big way.
Although the actual definition of affordable housing may vary with regions and income levels, affordable housing is usually based on three parameters or criteria – income levels, size of dwelling units and affordability. Even though the common buyer today enjoys the benefits of being in a higher income group thanks to the favourable economic development, he still looks for affordable housing because with higher incomes also come spiralling real estate prices.
And, those in the low income group cannot think beyond affordable housing. Affordable housing is indeed for the masses and a number of builders in the city today are coming up with affordable housing projects considering the rising demand for the same. The city has already witnessed many such projects in the last few years and there are more such in the offing.
Even the Government of Odisha in its recent plans has stressed on affordable housing and construction support for the citizens of the State and the city in particular. The Orissa State Housing Board (OSHB) has implemented six projects during the year 2010-11 with project cost of Rs.49.63 crore covering 560 units.
During 2011-12, there is a proposal to take up 8 projects covering 890 dwelling units. Besides, a few affordable housing projects under PPP mode have been developed at Bhubaneswar and Cuttack during 2010-11. The upcoming affordable housing projects of OSHB include multistoried apartment projects at Jagamara, (Dharmavihar), Patrapara and Ranasinghpur, Bhubaneswar.
BDA, Bhubaneswar has come in a big way in creating housing stocks by implementing group housing projects in Netaji Subash Enclave at Gadakan comprising 304 flats. These are all a part of the affordable housing plans of the Government of Odisha.
Affordable Housing In Bhubaneswar