INTRODUCTION:

There are different definitions of affordable projects in different countries. But, overall it commonly means a housing project which can be afforded by the lower or middle income group. In, other words affordable projects are those housing projects that are affordable to that population of a country that earns less income compared to the average household income of a family of that country. This kind of housing is also known as low cost housing. So, basically affordable projects are for the economically weaker section (EWS)of the society. After the announcement of the Prime Minister of India that housing is to be provided to all by 2022, these kinds of projects are up in number. Emphasis has been given for public-private collaborations to work on these kinds of projects. These projects have quality and value for money. Many small builders have taken up such projects.

There are certain classifications laid done by the Ministry of Housing and Urban Poverty Alleviation. Its based on the price, size, affordability and income of a household. The stats are mentioned below for the EWS are as follows:

• Price: The housing in affordable projects should have an EMI payable around 4000 to 5000 rupees. • Size: It should measure between 300 to 500 sqft. Comparatively, lower income groups(LIG) have the following stats attached to their group: • Price: It should be priced at around 7 - 12 lakhs. The housing in affordable projects should have an EMI payable around 5000 to 10000 rupees. • Size: It should measure between 500 to 600 sqft.

Reasons for rise in Affordable Housing Projects:

• Growing income group who are a huge target for such projects. • Urbanization which is becoming hasty day by day.

EXAMPLES

There are many affordable projects in a gated community in Bangalore. Few of them are mentioned below.

1. The Ajmera Nucleus housing project includes 1 BHK, 2 BHK and 3 BHK houses and is in Electronic City Phase It is been built by the Ajmera Group who are a well-known group in the real estate sector. This project is very close to the Bangalore International Airport.

2. Another housing project close to the Bangalore International Airport is the Godrej Aqua. This project has many unique features to it namely, drinking water will be obtained directly from the tap, 100% rain water harvesting, sustainable water management system. Apart from these, there are fabulous amenities that would be provided in this gated housing project in Bangalore like a huge 2.5 acres of green area, a cycling track, a mini theatre. It is been developed by the Godrej group. Furthermore, its has major schools, hospitals, malls in its neighbourhood.

3. Another of Godrej group’s projects, Godrej Reserve, is spread over 92.7 acres of land and is located on the Devanahalli – Doddaballapur Road. The highlight of this housing project is that it has a forest-theme. Greenery is all around hence. A total of 950 units of residential plots are there in this project. Dimensions of these plots are of five types. The infrastructure is top class and the project is well planned. The developers plan to plant more that 40,000 trees from a set of 80 species of different kind. Rainwater harvesting, a cricket pitch, kid’s play area, restaurants, gym, clubhouse, book café are some of the other features of this project.

4. Surrounded by greenery all over, Vaishnavi Serene is by the Vaishnavi Group. The main features of this project apart from their basic features are that this project is vastu compliant and has proper ventilation in the houses. The houses are planned in such a way that daylight is experienced t to the maximum. The whole project is spread across a huge 10 acres. 60% of the total area has open spaces. To be developed in two phases, Vaishnavi Serene will have a total of 896 units which will include 1 BHK, 2 BHK and 3 BKK units. The expected date for possession of the units is 2022. a. Filled with all the basic amnesties, Prestige Jindal City is been built on 32 areas of land and will have a total of 3571 units upon completion. It is well connected to all parts of the city which is a huge plus point. b. Puravankara Zenium to be situated in Airport Road, Bangalore will have 2 and 3 bedroom units. The Bangalore international airport is a 25 minute drive. Also, all the major schools and hospitals’ are in close vicinity. These all housing projects come under the gated community projects. Gated community means a neighbourhood in which the residents or visitors must pass through a gate of several gates to have entry. There, mostly is a guard on duty and other personnel in charge of security. They safeguard the fact that only residents of the houses or their guests enter the area.