Connectivity Could Be Right-Hand To Affordable Housing Growth

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Government flagship project ‘Housing for all by 2022’ is currently shooting ahead with multiple remunerative catalysts. Government is expecting substantial revenue from the very sector. Providing quality construction at a reasonable cost for the bottom block of the economical pyramid is the biggest challenge in itself for the developers. The aim of this ambitious project is to arrest illegitimate land and property acquisition, furthermore providing decent dwelling to the lower and middle income population.
But, the current scenario shows that despite several governmental boosts, development process is slipping from the bar. Similar to the other major cities the project of low budget flats in Kolkata is still in the chain. At present, affordable flats are having more requirement than the luxury ones. This could be a significant opportunity of the builders and investors to put to use this field of reference.

Not only affordable sector but housing requirement is something which needs just a few ingredients to climb up such as- migration, industrial growth, employment inflation etc. Naturally, integrated housing requirement derives from assorted socio-economical backgrounds. Coming back to the affordable housing segment, it can actually cater quality lifestyle to economically weaker section (EWS) and lower income group (LIG). If all the pending projects meet the deadline, then affordable housing sector could turn into one of the biggest sources of revenue for the national GDP in next.

India’s housing shortfall will mount to 38 billion by 2030, of which 95% subsumes the low-budget housing apartments. The need of the moment is stakeholders to actively participate in this giant task. But, affordable housing finds two major stumbling blocks in its way to progress which are- lack of economical land parcel at well-accessed locations, lack of low cost funding. Where developers are keen on constructing luxury apartments to lure higher income group (HIG), they evade the need of the moment which is a serious deficit of housing from the greater portion of the economical background.

There is a severe land shortage in urban areas for affordable housing development. Thus, isolated locations have been largely chosen for development purpose. Analogous focus on urban infrastructure like roads, utilities, speedy transit systems and other public infrastructure is essential to make the affordable housing scheme viable. Affordable housing sector typically located in urban peripheral areas and suburbs. Thus, it is getting apart from business locations and conventional market places and concurrently the transport cost stands to be unaffordable and impractical for the dwellers.

Union government has currently provided infrastructural status to the affordable housing sector. For government is working towards developing a ‘Transit Oriented Development’ (TOD) policy to support the revival of the infrastructure. Once the development of transport nodes and other connectivity options are done affordable housing sector will enable economical development and GDP growth, most importantly it will enhance the lifestyle quality of the citizens.

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