Challenges of growing urbanisation can be managed by developers
With the growing urbanization and the need for affordable housing in the country, Union Minister for Housing and Poverty Alleviation feels that the developers can manage the situation.
The challenges of these two factors are growing in the metro cities of India, but he feels developers can handle the challenges.
Approximately 50% of the population in Mumbai stays in slums. In cities like Delhi also, about 84% of homeless people are self-employed and contribute towards economic growth. Since, half of them stay near their workplaces, it is needed that more affordable housing properties in Mumbai are built.
There is also a need to review FSI policy and boost affordable housing.
In August 2012, when KPMG released their Bridging the Urban Housing Shortage in India report, in collaboration with NAREDCO, they said that by 2050, around 900 people will be added to India’s population leading to rapid pace of urbanization.
Now is the time for private developers to play their role in fulfilling the needs of the urban Indian population, in which 65% population is below 35 years of age.
CREDAI has assured its contribution and reported that technology will also play a crucial role in such development.
The Central Government had suggested in the past that the state authorities to review the floor space index (FSI) policy again to meet the affordable housing demand in Mumbai.
In a city like Mumbai where 50% of the population stays in slums, it becomes very difficult for them to afford houses near workplaces. Due to which, Union housing minister has said that affordable housing should now be given the infrastructure status to facilitate more stock of affordable properties in Mumbai for the urban population.
Furthermore, he added that the FSI policy has to be amended to boost the affordable housing stock in Mumbai. Also, the policy for providing Infrastructure Status to affordable housing schemes is on the cards to improve the urban housing scenario in the city.
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