Affordable housing needs to be promoted in India says a report

By Accommodation Times News Services

Affordable Homes - What They Are And What They're NotAffordable housing in India is much needed and promoted and particularly in Mumbai, reveals a report by United Nations, the report projects that the urban population will only increase manifold in the years to come.

According to data available with Brick Eagle, a financial services firm, the demand for affordable housing in India is around Rs 1.87 crore. However, only 30,000 units have been constructed between June 2011 and January 2013. This clearly shows that there is demand for many more affordable housing projects across the country with each unit priced at less than 20 lakh.

As per, Brick Eagle, the Mumbai Metropolitan Region (MMR) comprising places like Boisar, eastern suburbs including Thane, Kasara and Shahapur and eastern Mumbai district areas such as Khopoli, Karjat, Vangani, Neral and Shelu offer ample scope for affordable housing projects, which should be explored. Mumbai leads the sector with over 15 projects targeting the affordable segment. Karjat, Palghar and Boisar on the outskirts of Mumbai have multiple ongoing projects catering to low-income groups. In Karjat alone, there are nearly 80 such projects.

Rajesh Krishnan, managing director, Brick Eagle, said, “The RBI’s policy announcements are an excellent fillip to the housing sector in general, yet they are not especially helpful to the affordable housing sector. By giving such benefits to any house priced under Rs 50 lakh, they essentially ensured that middle income group homes would be as protected as low income groups and economically weaker section homes.

Rajesh Prajapati, media coordinator, Credai, said, “It is the need of the hour that the state and Union government incentivise affordable homes by introducing customer-friendly policies. What I foresee is that the Dronagiri area near Matheran, which is being connected through railway lines, has all the possibilities to be the new affordable housing hub on the outskirts of Mumbai city.” Mr Prajapati added that re-introduction of 80IB and simplifying the NA and window clearance system would definitely help in the reduction of house prices.

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