India needs $2 trillion to realise the dream of housing for all
Investments to the tune of more than $2 trillion would be required by 2022 to create a stock of over 110 million housing units. This will help the government to achieve the target of “housing for all” by 2022. National Real Estate Development Council (NAREDCO) President Sunil Mantri stated that there is already a huge shortage of housing.
Ifas a nation we have to achieve Prime Minister Narendra Modi’s vision of housing for all by 2022, then we will need an investment of at least $2 trillion. This money will be used to create more than 110 million units. Investment in the sector needs to grow by around 20 % to achieve this target.
India has an urban housing shortage of about 18.7 million units. There is about 95 % of shortfall in the low- cost housing segment. There is 43.7 million shortage in the rural belt.Apart from creating houses, there is also a need to develop supporting infrastructure.
Commercial real estate needs to be developed in order to achieve sustainable growth. Mantri stated for this, we will need additional investments of $1.5 trillion. The foreign investments in the residential and commercial segments have already started. However they are not in the budget housing segment. All of it is in the luxury housing segment. The government needs to attract foreign investors to this sector too.
Source- Deccan Herald
