Faridabad, a significant part of the National Capital Region (NCR), has been witnessing rapid development in terms of infrastructure and residential projects. The city offers a plethora of housing options catering to various segments, including affordable housing which is a boon for students, bachelors, and families looking for budget-friendly living spaces. Let’s delve into some of the affordable housing localities in Faridabad, highlighting their key features and what makes them stand out.
Sector 11 is renowned for its affordable flats in Faridabad on rent, making it an ideal choice for students and bachelors. The locality is well-connected to educational institutions and offers basic amenities, ensuring a comfortable living experience without burning a hole in your pocket.
Known for its organized layout and green spaces, Sector 21C offers a tranquil environment for its residents. The area boasts well-maintained parks, and recreational zones, and is closely located to essential services, making it a preferred choice for families.
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Greenfield Colony is popular among homebuyers for its well-designed infrastructure and strategic location – being close to the famous Surajkund. The area provides a range of affordable housing options in its Dayal Basti locality, with ample greenery and modern amenities, ensuring a balanced lifestyle.
Sector 46 is emerging as a vibrant locality with a well-knit community. It offers affordable housing in Faridabad along with good connectivity to other parts of the city, making it an attractive option for many.
Known for its premium yet affordable residential spaces, Sector 55 embodies modern living. The locality boasts of premium amenities and is well-connected, offering a comfortable lifestyle to its residents.
Sector 78 is rapidly developing as a residential hub, offering affordable homes in Faridabad with promising future growth prospects, making it an attractive investment.
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Neharpar or Greater Faridabad is known for its affordable housing projects, catering to the middle-income group with modern amenities and a cleaner environment. Popular sub-localities in the area are Human Nagar, Vikas Nagar, Padam Nagar and Bharat Colony.
NIT 5 is one of the oldest areas, offering affordable residential and commercial properties. Its robust infrastructure and connectivity make it a desirable locality.
These sectors are gaining attention for their affordable housing projects, coupled with good infrastructure and connectivity, promising a comfortable living experience.
Offering a range of affordable housing options, Sector 45 is well-connected and provides a comfortable lifestyle with all necessary amenities nearby.
Faridabad’s growth trajectory in affordable housing is commendable, offering a variety of options for every budget. These localities not only provide economical living solutions but also ensure a quality lifestyle, making Faridabad a sought-after destination for homebuyers.
Typically, eligibility for affordable housing in Faridabad, as in many parts of India, is determined based on income, existing debt, and the credit score of the applicant. Applicants often need to fall within certain income brackets to qualify.
Generally, a husband and wife can both apply for affordable housing, but if both are selected, they may be required to choose a single unit. Rules can vary, and some schemes might allow only one application per household.
The payment plan for affordable housing in Faridabad typically includes an initial booking amount or application fee, followed by installments linked to construction milestones. The exact structure can vary based on the developer or the specific government scheme under which the project is being offered.
Buying two affordable housing units in Faridabad is usually restricted. Most schemes are designed to provide housing opportunities to those who do not already own a home, aiming to maximize the distribution of affordable housing. Rules often stipulate that an individual or family can apply for or own only one affordable housing unit.
As of April 2023 affordable housing in India benefits from a reduced GST rate. The Government of India had reduced the GST rate on affordable housing to 1% without input tax credit (ITC) for buyers. However, it’s important to verify the updated tax rates when buying a house.
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