In a country as young and still developing as India, it’s of paramount importance that its people are at least provided with all the basic amenities for its holistic development.
With Indian cities getting overpopulated and rapid urbanization taking place, affordable housing has emerged as a major concern and it’s so on cards for the Indian Government and real estate authorities. The foundation stones of it are already being laid all over the country. Government schemes aiming to provide a cost-effective house to the people and let them attain peaceful living amidst their busy lives are implemented.
Private developers are provided with incentives under schemes such as PPP (Public Private Partnership, to indulge them in building affordable homes. The recent budget proposed by the Central Government this year, gave affordable housing, the status of infrastructure. It aims at providing a cheaper source of finance to developers along with opening new and additional avenues to raise funds for the developers. The housing schemes of the government come with ‘n’ number of benefits such as the credit-linked subsidy schemes that have increased the loan values up to 1.2 million.
It also aims at relocation of people of rural areas. One crore ‘pukka’ houses are proposed to be built for those living in rural areas. Hence, the schemes aim at the development of all segments of the country.
Also, an initiative has been taken up to protect the right of the buyer, to differentiate between the carpet area and the super built area has been made. The carpet area is the area between the walls for which the buyer is required to pay when buying any property; whereas the super-built up area includes the rest such as balcony, lifts, corridors and common spaces.
All these schemes are beneficial for both the developers and buyers and hence the ‘ Housing for All By 2022’ seems more than just a bubble.