One of the key areas covered in the budget has been the promise of providing affordable housing for all by 2022. The budget stipulates to build 6 crores new houses by the 2022, out of which two third will be in the rural sector.
Though exact details about how the overall objective will be enacted have not been decided upon, the given proposal has all the hidden momentum to offer boosting to the realty industry in India in the coming future. Affordable housing is the need of the hour and there is a massive inherent demand among the Indian populace towards the same.
There is a huge gap in the affordable housing segment in India with the overall demand for affordable housing to be estimated at INR 500,000-10, 00,000 billion. In Mumbai alone nearly 50% of the populace resides in slums, which just occupy 4% of the urban space of the city. Hence, a prudent affordable housing policy can make a great impact filling up the gap.
The government’s commitment towards affordable housing will also entice leading developers to seriously look up to the burgeoning sector. Likewise, it will also influence key banks to float numerous financing instruments streamlined to the housing affordable housing credit demands. It should be noted that many of the big developers such as Tata and Unitech have already started seriously venturing into the segment.
The way ahead
However, it should be noted that it’s a massive project and hence require proper backing and step wise policy support, without which attaining such a gargantuan exercise won’t be possible. Across every dimension, strong and robust steps are required to be undertaken to effectively realize the ambitious objective. This will encompass design and formulation of large scale master plan, integrated township models, provision for shared common infrastructure and asset utilization. Not to mention provision of financial instruments.
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