Affordable housing market to rise over 5-7 years
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The affordable housing segment in the country is on demand. The market for this segment is estimated to touch $100 billion per annum over the next 5-7 years, a study has said.
The study conducted by PwC, Naredco and
As per a news report by a news agency, there is a current shortage of around 60 million housing units -- 20 million in urban areas and 40 million in rural.
"Simplification of policies and processes, innovation in technology and financing will go a long way in attracting private sector participation and meeting the housing demand and retaining its affordability," the study said.
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According to the study, the affordable housing sector has seen about two-fold growth in new launches in the first half (January-June) of 2016 as against the same time last year.
The total number of affordable housing units launched in the top eight cities during the period was recorded at over 17,000.
The report further said that even though the government has introduced schemes like Pradhan Mantri Awas Yojna, Smart Cities and National Urban Housing and Habitat Policy, the sector faces demand-supply challenges.
"Complex and lengthy processes for pre-implementation stage including land conversions, building plan scrutiny, approvals, attaining construction permits, among others are impacting project cost and time, thereby making it unviable to provide housing at costs affordable by the urban poor," it said.
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The report also said lack of adequate external infrastructure and connectivity is also responsible for making housing unaffordable."Therefore, there is a need to simplify policies and create more infrastructure to meet housing demand and make housing sector affordable," the study noted.
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