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Urgent need for affordable housing in urban areas

Comments(2) Sub Category:Delhi-NCR,Residential Real Estate Posted On: Aug 16, 2012

Statistics suggest that there is a wide gap between the demand in supply of housing – both in terms of quality and quantity, in urban India.

Technical Group constituted by the Ministry of Housing and Urban Poverty Alleviation (MHUPA) reveals data that shows that the urban housing shortage in the country at the end of the 10th Five-Year Plan was estimated to be 24.71 million for 66.30 million households, 88 per cent of this shortage pertains to houses for Economically Weaker Sections (EWS) and another 11 per cent for Lower-Income Group ( LIG).

The developers state that while the time and cost of construction, labour and approvals for an affordable housing project remains the same as normal housing, the sale price is lower which decreases margins. Hence developers are not incentivised to pursue such projects.

The developers add that along with higher permissible FSI, there should be a dedicated faster approval mechanism for affordable housing; only then more of these projects will come up.

To read more real estate news:

New bill to benefit flat owners in Rajasthan

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