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Rental income is modest – for instance an investment of Rs 1 crore nets an in come of just Rs 4,000 a month which is not economical..Rahul Nahar, founder of Xrbia Developers, said they shifted from developing complexes for gated communities to catering to the lower end of the pyramid, (housing worth between Rs 10-50 lakhs)  which is witnessing 90 per cent of the sales.On the other hand, there is an estimated need for two crore affordable housing units by 2022 across the country and with the government offering various sops in order to achieve the Prime Minister’s ‘Housing for All’ vision, developers are turning to affordable housing.

Property appreciation is also not significant. The infrastructure status given to this Wholesale custom-made forging parts Suppliers segment, means lower income housing gets support like lower stamp duty, cheaper loans against the present over 20 per cent interest rate.According to one estimate just 20-30 per cent of housing in this segment have been sold and the rest are lying idle specially in metros like Delhi, Mumbai and Bengaluru.Confirming this, Manju Yagnik, vice-chairperson, Nahar Group, said developers are abandoning projects that are on the anvil or redesigning projects on the designing board to suit the demand for affordable housing.

Investors are out of the market partly because of the demonetisation and the investor-unfriendly policies of the government.Mumbai: Affordable housing has got a boost as the high-end luxury and upper-middle income housing real estate markets are down and have been down for the last two to three years with the recent demonetisation being a mixed bag.

However, the body has come back into the spotlight only since last year as the Bharatiya Janata Party-Shiv Sena led government had shown interest in reviving it.The SPPL is going to get the Rs 500 crore, which will be given as loans, from the Maharashtra Housing and Area Development Authority (Mhada) and SRA via equity. The SPPL is the Maharashtra government’s housing body, which was the brainchild of former housing minister Suresh Jain in 1998. In exchange for this, we expect these developers to hand over a percentage of their commercially exploitable flats to the SPPL, which should be smaller in size compared to the usual sizes of luxurious flats in the commercially exploitable segment, also known as sale component,” said Debashish Chakraborty, managing director of the SPPL.” The SPPL is also trying to generate additional funds from National Housing Bank (NHB) and Housing and Urban Development Corporation Limited (Hudco), both Central government-funded agencies for granting loans. I will be writing to the Maharashtra government indicating that it must keep a tight watch on SPPL officials who will be giving clearances for granting loans for the project.“

Private developers are in desperate need of funds and if their Slum Rehabilitation Authority (SRA) projects are stuck for this reason, the SPPL will give loans to them at low interest rates. It is said the move will create stock of affordable homes in custom sheet metal parts factory the city. “Subsequently tenders will be invited from private developers that are interested in implementing such a role model,” added Mr Chakraborty.The Shivshai Punarvasan Prakalp Limited (SPPL) is going to fund developers in the city by offering loans totalling Rs 500 crore.. However, a senior SPPL official, on the condition of anonymity, said, “We will have to be very careful before dealing with private developers and — personally speaking — I somehow do not agree with the idea of giving loans to them as they are not reliable lenders.“This system will also be helpful for those tenants whose projects are stuck and have been staying in transit camps for years,” said a SPPL official.