Homebuyers Demand Affordable Housing Policy
“My take-home salary is ₹ 80,000, but I cannot buy a home in the city limits. I can’t buy in a far place in the absence of an urban rapid transport system’’: GVS Prabhakar, an accountant working for the State government
VISAKHAPATNAM: Middle-income homebuyers have been urging policy reforms to address rising urban property costs in cities like Visakhapatnam. They urged the government to introduce a transparent, affordable housing framework that balances the interests of property developers.
“My take-home salary is ₹ 80,000, but I cannot buy a home in the city limits. I can’t buy in a far place in the absence of an urban rapid transport system,’’ said GVS Prabhakar, an accountant working for the State government.
President of the CREDAI Visakhapatnam chapter, E. Ashok Kumar, urging the government to introduce a clear, affordable housing framework to keep home ownership within reach of middle-income families, said rising property prices in recent years have made it difficult for salaried households to buy homes, especially within the limits of the Greater Visakhapatnam Municipal Corporation, with apartment prices varying by location.
“A well-defined, affordable housing policy would benefit homebuyers and support stable growth in the housing sector, ‘’he noted.
Ashok Kumar said affordable housing in India is generally defined as homes priced up to ₹ 45 lakh, with size limits of about 60 sq m in metros and 90 sq m in non-metros. These are aimed at the Economically Weaker Section (EWS), Low Income Group (LIG), and sections of the Middle-Income Group (MIG), and may qualify for benefits under schemes such as Pradhan Mantri Awas Yojana. However, in fast-growing cities like Visakhapatnam, rising land and construction costs mean these limits need to be revised, Ashok Kumar said.
“Demand remains strong, but affordability is a serious concern. Many first-time buyers are being pushed out of the formal housing market,” he said.
Ashok Kumar said the current definition of affordable housing does not reflect market conditions in expanding urban centres. Higher land prices, material costs, regulatory charges, and infrastructure expenses have increased project costs, leaving many middle-segment projects outside the policy benefits.
He said developers were willing to contribute, with government support, to measures such as faster approvals, lower stamp duty, and rationalised GST. Better infrastructure in emerging residential corridors can reduce project costs and keep home prices within reach, he added.
