The payment of a home is, for most people, the highest expense in which they invest during their lives. However, every day the situation gets worse. The lack of affordable housing, meeting the needs of today, makes much life from check to check to the brink of financial paralysis. It is a situation that suffocates not only low-income families but also affects middle-income families alarmingly.
With the increasing population and growing number of people towards metro cities, the condition of these cities is becoming worse in terms of housing plans. While the real estate investments are becoming beneficial, it is getting harder to find affordable houses suitable for all segments.
1. Economic prosperity
The development of affordable housing scheme in Faridabad provides direct economic benefits simply by allowing low-income people to have the necessary funds to spend on food, clothing, medical care, education and other goods and services of the highest order. Also, studies show that low- and middle-income households are more likely than other socioeconomic groups to spend that extra money on a daily basis.
2. New Jobs
The development or rehabilitation of affordable housing creates jobs in the field of construction. A study estimates that for every 100 affordable housing units created through the Low Income Housing Income Credit program, the construction phase of a project can generate an increase of more than 120 Jobs.
3. Diversification of the workforce
The affordable housing scheme in Faridabad accommodates people from diverse backgrounds who bring with them different talents and skills that are beneficial to the neighborhood. From construction workers to small retailers, teachers, police, firefighters and maintenance workers, each of them provides unique and essential services to the community.
4. Social integration
Affordable housing scheme in Delhi/NCR allows people to continue living in areas where they have lived for years. When the housing is truly affordable, residents can afford to stay in their homes, even after traumatic and unexpected events that have suddenly altered their lives, such as illness, divorce. This type of housing allows them to maintain their support systems intact, thus contributing to the overall stability of the community, because being able to stay at home after such an event increases the safety of their work on a larger scale.
5. Attracting and retaining employees
The lack of affordable housing scheme in Delhi/NCR significantly contributes to the cost of business owners attract and retain employees. On the contrary, affordable housing improves companies’ ability to find and retain skilled workers, reducing the likelihood of the employee giving up and increasing overall productivity.
6. Higher incomes of governments
Affordable housing in NCR development produces multiple revenue streams for the government in the form of sales and rental taxes, property taxes, as well as fees for permits, zoning, and other public services. When affordable housing replaces a vacant lot or ruined building, the government benefits immediately and also in the long term.
Looking at the hidden benefits, it can be easily termed to be one of the finest opportunities in terms of investment and house planning.