With the growing population in India, the demand for housing has increased as well; something that was not addressable earlier and has led to unauthorised and unorganised constructions or setting up of slums in urban India. Hence, responding to this issue has come out the term ‘affordable housing’. Basically, what does it means and is it being accomplished in urban India?
Primarily affordable housing should address the housing needs of the lower or middle-income households. In India, in particular, affordable housing is a key problem, because a majority of the urban population is not able to buy houses at the market price and the case is worst in rural India.
This is majorly due to the disposable income of people. But the entire sector has its definition changed in the prime cities of the country (both tier-1 and tier-2). Experts of real estate such as Mr Pankaj Bajaj Eldeco, President of CREDAI-NCR says that under 10 Lakhs category is not even addressable at the present time because of the construction technology used in India and the copious amount of time it takes from various regulatory authorities and the government for approvals.
Now, there have been several initiatives taken up by the Indian Government that have boosted the affordable housing sector.
It’s not just about helping a mass populace to get their dream homes. Affordable housing is also the sector which would help the economy of the country to grow. The working class must have a good enough reason to not move out of their city and to be able to work and earn. This section of the country is of the utmost importance for the country. Home for them stands as a psychological support as well as economic security and thus able to adopt a better lifestyle. Hence, affordable housing needs to address a wider section of demographics than it does at present, particularly in urban India.