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A report on Affordable housing in India by JLL highlights that a major section of urban population in India is struggling for decent, reasonably priced homes. Development of large-scale affordable housing is the greatest requirement of urban India today.

Rapid urbanization has led to problems of land unavailability, housing shortage, and congested transport facilities and has also pressurized the very basic amenities of water, power, and open spaces of towns and cities. City landscapes have been damaged to their worst conditions with the proliferation of informal urban settlements in the foreground. Lack of low income housing has had much undesirable outcomes than anticipated. Hence appears the need to refurbish the Indian realty sector whilst bridging the gap between affordability and luxury.

The whitepaper discusses major issues in the development of affordable homes, role of central government and private players in the affordable housing sector and approach required to combat the shortage of low income housing.

The following points summarize the report:

  1.  JLL’s new definition of affordable housing with added parameters such as minimum volume of habitation, provision of basic amenities, cost and location of the house contributed to a new dimension towards a sensitive understanding of the needs of demand side.
  2. The supply of affordable homes in India has not been able to keep pace with the huge demand. The current shortage of 26.5 million housing units in India is predicted to get amplified to 30 million housing units by the end of 2020, according to JLL experts.
  3. Mass development in affordable housing sector offers numerous untapped opportunities as there is an enormous demand for residential units from the EWS, LIG and the lower MIG.
  4. Most private developers have ventured into affordable housing segments with long term business plans to exploit the opportunities in the emerging market, barring a few who consider it as the need of the hour today.
  5. The ultimate objective of affordable homes is to provide “Adequate Shelter to all”. This objective can only be realized if an institutional approach towards affordable housing is followed which focuses not only on the ability to buy but also on the ability to rent. The existing models on which affordable housing is being created should be revised to accommodate the entire target segment with public and private sectors working in coordination to provide the desired improvement in the housing sector.

The complete report can be downloaded here :  Affordabl_ Housing_in_India_2012-JLL

For more details, check out Olympeo’s website or call +91 80827 84444/ 80827 74444 for more information.

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