Why is Affordable Housing Sustainable?
Affordable housing alludes to accommodation units that are reasonable for those who have income beneath the average amount of income in India. Affordably priced housing is provided in India to low-income individuals, middle-income individuals, and economically weaker sections (in urban areas).
Affordable housing is a main point of contention in emerging and developing nations like India where a greater part of the populace can’t buy houses since the cost of houses is quite higher than their income and they lack in saving so much of amount to purchase a house. The affordable housing scheme was launched in 2015 by the government of India with the sole motive to meet the housing needs of lower and middle-income families.
As our nation is going through a complete economic transition after Covid-19 the demand for better housing facilities has increased solemnly. There is a large gap between the demand for houses and their availability in the Indian market. Both in the metropolitan and rural regions, there is the absence of appropriate accommodation facilities. Given the requirement for houses and expanding pattern of urbanization, affordable housing facilities in metropolitan regions must be extended. With the ongoing advancement of urbanization, around 40% of the country’s populace is supposed to live in metropolitan regions by 2030.
The most appealing sector in the Indian market is real estate. The market for affordable housing is bound to strengthen in the near future. As the market structure has changed immensely due to Covid there has been a significant increase in the demand for affordable housing which is quite larger than the supply of the affordable housing. As the world breathes Covid free India has started getting back on the path of economic development. According to research 80 million of the population is living in the slums and requires the facility of accommodation.
In India the Affordable Housing will flourish in the urban areas due to the following reasons:
1. Economy:
India has a population of individuals with diverse income groups. Where the demand for housing is very high and the rates of a house are very high. Thus a house that provides the most basic facilities is quite high and cannot be afforded by the majority of the population which leads to the requirement of more affordable housing facility providers which provide them a comfortable shelter to live in.
2. Connectivity:
The reason for the development of affordable housing in the urban cities is increasing because people from villages want to shift to urban cities because of the better career opportunities and education facilities available.
3. Better Financial Assistance Available:
There is better availability of financial assistance in the urban areas as the people in the urban areas comparatively have more knowledge about financial institutes. Furthermore, the nonbanking institutions are also lending assistance to the people who are planning to invest in affordable housing.
4. Cost of Ownership:
The cost of ownership in the purchase of the affordable housing sector is low which is the reason the demand for affordable housing is increasing. Almost every individual dreams to have a home all for themselves which is another cause for the upsurge in the market for affordable housing in the real estate.
The demand for affordable housing is going to increase in the coming time it is an investment that if incurred today is going to be a benefit in the near future. According to various researches by us, we can assure you that the affordable housing market is bound to rise in the coming times and see the heights of success.
