How to tackle the shortage in affordable housing?
Affordable Housing
According to data of 12th, 5-year plan (2012 – 2017), the housing shortage in India has reduced to 18.78 million, but according to experts data collection is questionable, and we can understand the data is not so correct because we belongs from same society and know the situation of affordable housing in India.
More than 80 per cent Indians still find it hard to fulfill the desire to own a home in affordable price. This is the era of luxury items such as; Tvs, laptops, smartphones, and other items, they all are now in the reach of common man and are affordable, but when it comes to houses situation is reserve as houses are getting more and more expensive day by day. In Indian most of the people still living below average standard homes, but it doesn’t mean the average income of Indians is reducing, however the housing prices have been increasingly exponentially. For affordable housing there is huge gap between supply and demand and people have less choice when it comes to living standards. In some cases developers are asking the peoples to queue up and take part in lotteries, and according to that they will sell the home to winners only. As per the Ministry of Housing and Urban Poverty Alleviation, Affordable housing constitutes living units due to that his equated monthly installments (EMIs) should not be more than 40% of the owner’s gross monthly household income. Whenever the homes priced between Rs. 25-45 lakh are still referred as the affordable house by builders. The exact definition of affordable housing should be the main concern, as there is huge shortage of supply in this segment.
If the current backlog is maintained, then by the end of 2020, India will be facing an extra demand of more than 30 million additional homes; however 80 per cent shortage is still concentrated in the economically weaker section (EWS) of the Indian population. As per the 12th 5-year plan (2012 – 2017), Housing shortage in country is reduced by the 18.78 million, but according to experts data is not real and still questionable and current government departments continue to argue on the exact figure. In present the land is not easily available asset in India, in most situations acquisition of a plot for housing development is time-consuming and highly expensive process because of various charges apart from land cost. Due to rise in population and rising urban density, in past few years the demand for land has also seen an exponential rise.
If the person is from economically weaker sections and look for properties, so it’s difficult for them to deal with finance as well as they are also finding it difficult to meet the transport, water and power supply systems, sewage treatment lines and other conveniences. In India, land prices are much higher than the rate which is compatible with the development of real estate, in past few years there has been rise in cost of construction and construction material, which directly reflecting in the housing prices and the other issue is the lack of infrastructure. The majority of Indian home seekers is moving into first, second and third tier cities to earn the livelihood. These in respect to that there is no difference from home buyers from the middle or upper middle class. These are the some basic things for which any home buyer look while purchasing, no matter the construction is done by government of self-governing bodies of real estate developers. There is still lack of affordable homes in India and government need to do the hard work in real estate sector, not the main question; Is PM’s Housing for All scheme will work?, well the answer is in future and let wait for the best for the residents of India, who want to own the home.
