As per the latest UN data, the population of India has reached a whopping number of 1,350,438,098! And with this alarming population rate, the middle-class population is mushrooming like never before. According to a report done by National Sample Survey (NSS) Consumer Expenditure Survey (CES), the number of neo Indian middle-class population counted at 604.3 million from 304.2 million in 2004-05.
The middle-class population of India contributes a substantial share to the GDP of India while the government extracts a considerable amount of tax from this segment of our population. Most of the people from this segment stays in the tier I cities, dreams of owning a house and elevate their standards of living. But in reality, it’s not really easy to build or buy a home when the prices of residential properties are reaching sky high.
Additionally, a vast number of Indians have been migrating to urban cities in search of better life, access to healthcare and social standing. Today, a large segment of working class in the metro cities belongs to the middle-class category.
To improve the living conditions of a major chunk of population, Indian government has been taking steps that may place us among the list of developed countries in the world. One of the primary steps would be providing basic standards of living to everyone. In line with this, the government of India has introduced PMAY (Pradhan Mantri Awas Yojana) under which people from various lower income group can own a house of their dream by following certain easy to do conditions.
Under PMAY, various income groups can apply for a subsidized interest rate to lower the burden of heavy loans and interest rates. The benefit of PMAY differs with each group depending upon their income slots. The houses available under such schemes are called affordable or budget houses and are constructed by many developers throughout the country.
Such houses are a major attraction for the Indian middle-class population as there’s an emotional and financial security related to owning a house that doesn’t become heavy on their pockets. As per the ‘YouGov Mint Millennial survey’, around one-third of working millennials invest money in risk-free commodities or environments. The millennials are smart buyers who like to invest smartly while saving a considerable amount for the future needs. While the buyers are becoming smarter with time, the banks are also availing easy home loans. Today, many banks are offering home loan at a subsidized interest rate under PMAY.
These buyers also look up to many other factors rather than money while investing. Pollution-free environment, serenity and greenery are a few of them. That’s why many of them prefer to buy houses in the outskirts of Tier-I cities like Bangalore, Mumbai and Delhi.
To accommodate all their needs and offer them luxurious amenities at an affordable price, SwarnaGriha, an initiative by FelicityAdobe LLP, offers such houses. These houses are located at Tumkur, Karnataka and come under PMAY. SwarnaGriha is equipped with modern luxurious amenities such as children park, car parking, 24/7 security and lift in all blocks of the project.
If you are planning to buy property in Bangalore, you must check this project. SwarnaGriha’s strategic location ensures that the residents enjoy a healthy life while enjoying all necessary amenities that qualify to enjoy a luxurious life. Know more about the project from here.