– By Sunil Sisodiya
The Haryana Government’s recent approval for the construction of stilt plus four floors in residential areas has generated considerable buzz in the real estate sector. This policy change is expected to have multifaceted implications, influencing affordability, urban planning, and the overall landscape of residential real estate in the state.
One of the most significant impacts of this policy is the potential increase in urban density. By allowing an additional floor, the policy enables more efficient utilization of available land, which is particularly beneficial in densely populated cities like Gurugram and Faridabad. This change can lead to the creation of more housing units within the same footprint, addressing the growing demand for residential spaces in these urban centers.
Boost to Affordable Housing
The addition of an extra floor can also drive down per unit costs, making housing more affordable for middle-income families. With the ability to construct four floors, developers can distribute land and construction costs over more units, potentially reducing the price per unit. This can make home ownership more accessible, particularly in areas where land prices are prohibitively high. For instance, in high-demand areas of Gurugram, this policy could result in more reasonably priced housing options, easing the affordability crisis.
Incentives for Real Estate Developers
For real estate developers, the policy opens new avenues for profitability. The capacity to build an additional floor means developers can offer more units within the same plot, increasing their revenue potential. This policy could stimulate greater investment in residential projects, encouraging developers to undertake new constructions and redevelop older properties to maximize the allowed floor space.
Urban Planning and Infrastructure Challenges
However, the policy also poses significant challenges, particularly in terms of urban planning and infrastructure. The increased density could strain existing infrastructure, including roads, water supply, and sewage systems. Urban planners will need to address these issues proactively to ensure that the quality of life for residents does not deteriorate. Effective management of traffic, parking, and public services will be crucial to accommodate the higher population density.
Environmental Considerations
The environmental impact of this policy cannot be overlooked. Higher density construction can lead to increased pollution and reduced green spaces if not managed sustainably. Developers and urban planners must integrate green building practices and ensure adequate open spaces to mitigate these effects. Sustainable construction practices, such as the use of eco-friendly materials and energy-efficient designs, will be essential in balancing development with environmental preservation.
Social and Community Impact
From a social perspective, the policy may lead to changes in community dynamics. Increased population density can result in more vibrant communities with greater social interaction. However, it can also lead to overcrowding and reduced privacy if not managed properly. Ensuring that new developments include community spaces, parks, and recreational facilities will be key to fostering a balanced and healthy living environment.
The Haryana Government’s decision to permit stilt plus four-floor construction represents a significant shift in the real estate landscape. While it offers opportunities for increased housing supply and affordability, it also presents challenges that require careful planning and management. By addressing these challenges and promoting sustainable development practices, Haryana can leverage this policy to create more livable, affordable, and vibrant urban communities. The real estate sector, urban planners, and the government must collaborate closely to ensure that the benefits of this policy are realized without compromising the quality of urban life.
(Sunil Sisodiya is the Founder of Geetanjali Homestate.)
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