Housing for all by 2022 being taken seriously
Prime Minister Narendra Modi dreamt of it, housing for all by 2022. His cabinet colleague, union minister of urban development, housing and urban poverty alleviation, M Venkaiah Naidu, resolved to take it forward and developers have not just lapped up the idea but are positively bullish about it. But ask sector analysts and they could have another story to tell — a litany of problem areas that could easily subvert this high dream into reality.
They have no doubt in their mind that there are a number of practical bottlenecks and without a more pro-active and aggressive private sector participation, this cherished dream of the government can in no way see light of the day. For starters, consider this.
A KPMG-National Real Estate Developers Council (Naredco) report says that the government’s vision of housing for all by 2022, requires about 11 crore houses (about 35,000 houses a day) to be developed with an investment of more than $2 trillion. With the compounded annual growth rate (CAGR) in investment of 5 to 6 percent in the housing sector witnessed in last few years, a short fall of about $500 to 600 billion in investments is envisaged to meet the vision by 2022. About 70 percent of the housing needs until 2022 are estimated to be concentrated in nine states, with Uttar Pradesh and Maharashtra accounting for 18 percent and 9 percent respectively.
Source: Financial Chronicle
BJP manifesto, housing for all by 2022, M Venkaiah Naidu, Urban Development and Housing Minister, Urban Development Minister Venkaiah Naidu, Venkaiah Naidu
