Haryana Affordable Housing Policy 2019, Govt of Haryana
The Department of Town & Country Planning Chandigarh, Govt of Haryana launched the Affordable Housing Policy in August 2013, to enable those people who always aspired to have their own home in Gurgaon, but could not afford it since it could not fit into their budget.
This policy has been amended after 2014 to make sure there are no loopholes in it as far as buyers are concerned.
This policy was a unique concept in which all parameters including rates and maximum / minimum size of flats, time, and quality of construction as well as conduct of draw and allotment are under the control of Town & Country Planning Department.
Govt of Haryana to ensure fairness and transparency in all these matters which are the most common complaints of buyers against builders.
Affordable Housing Projects in this policy are under the Pradhan Mantri Awas Yojna, in which buyers can avail Bank loan up to 90% of the cost, of the flat and can also avail interest subsidy of up to Rs2.67 lacs on the loan amount, as applicable.
Haryana Affordable Housing Policy 2019
The policy has many highlights for the benefit of home buyers for example, flats are sold on carpet area basis not super area, balcony can be maximum of 100 sq feet @ Rs 500/- not included in carpet area.
Open / green area will be minimum 50% of the project, no additional charges like EDC/IDC, PLC etc, minimum/maximum number of flats in a project and amenities to be provided are specified.
Pricing Calculation of Affordable Housing Policy
The policy also lays down rates of flats and payment schedule for buyers, the builders have to adhere to this. The rates for Gurgaon are Rs 4000 per sq feet, while for smaller towns it is Rs 3600.
Buyers are supposed to fill up Application Forms which cost Rs 1000/- in response to advertisements in English/Hindi newspapers, both national and regional.
Payment Plan Haryana Affordable Housing Policy
The payment schedule as per the policy is laid down as under, 5% of the cost of flat at the time of filling the application, 20% within 15 days from the date of draw, balance 75% of the cost is payable in 6 equal installments of 12.5% each every six months from the date of draw.
Delayed payment would attract interest @ 15% per annul on the installment amount.
To ensure timely completion of the project the Govt has very strict rules and timelines in place, the builder is supposed to complete construction within 5 years from the date of grant of licence.
After licence the builder has to get Building Plan and RERA approvals, only then can the project be opened for bookings.
The draw is to be conducted within 120 days from this date including scrutiny of the forms by Department of Town & Country Planning officials. Environment Clearance (EC) is needed after this to commence construction, for which the builder gets 1 year from the date Building Plan Approval and they have 4 years from that date to hand over possession.
4% of the project land is earmarked for a commercial complex or shopping center area within the project. This shopping center caters for all basic needs of residents within the project.
In lieu of this commercial complex which builder sells to clients they are supposed to give free maintenance to all residents for a period of 5 years from the date of possession.
An earmarked 2 wheeler parking is allocated to all flat buyers in a project.