Some ways to boost the Concept of Affordable Housing

By Accommodation Times News Service

A very common knowledge to everyone is that human’s basic requirement is food, shelter and clothing that are indispensable for every human being. If sources is to be believed India’s urban housing shortage accounts for 18.78 million for the next five year plan from 2012-2017 out of which 96% in the economically weaker section and low income group categories. In fact a shortage of housing for the EWS stands at almost 11 million homes. In addition this disparity is more visual in the rural areas where 11 million urban houses are lying vacant.

Many hurdles in the land acquisition process and hurdles in permit approvals are creating problems even for developers who aspire to create affordable housing units in the country. By some important indicators where the affordability can be attaining easily:

Single Window Clearance: a single window system is needed to ease the land and other approvals for realty projects. This step would bring more efficiency for developers to create affordable housing options in the country. With time money and energy saved on trying to get approvals clearances and sanctions builders are likely to lower their margins and provide affordable housing.

Implementing Norms Strictly:  the Government should existing realty regulatory norms stricter. In some cities builders have to reserve a certain % of housing they build for the EWS as instructed by the government.

Motivate Affordable Housing: in order to encourage the concept of affordable housing, the real estate sector should get both financial and non-financial incentives. Fewer land issues and channelized permission approval will help in creating more units of affordable housing. To overcome the issues the government should make favorable provisions   to grant land at lower rates.

Increase public support for affordable housing and influence zoning changes that support affordable housing

Make investments in affordable housing, both rental properties and owned housing that take advantage of specific market opportunities

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