How Can All Indian Real Estate Ecosystem Stakeholders Deliver Affordable Housing to Millions of Aspiring Buyers?

There is no doubt that in a populous country like India with a huge middle class and lower middle class, the demand for affordable homes has always been high. 

All stakeholders in the various key positions in real estate in India including the policy makers, the real estate developers, the real estate experts, real estate research companies, real estate consultants, real estate brokers and real estate media houses should play their part in creating and promoting affordable homes across India.

It is especially important in a developing nation like India, to provide people access to affordable housing.

The government has implemented a number of programmes designed to meet the housing needs of its citizens. More and more low-cost and affordable housing developments are being built around the nation. It is particularly important in a developing nation to make affordable housing available to its citizens. Low- and middle-income persons, as well as economically disadvantaged groups, are seeing an increase in the number of houses priced within their means being built.

A recent study estimates that 600 million of the total population will relocate to metropolitan regions. The necessity to offer low-cost housing amenities to the underprivileged has been highlighted by the 51% increase. In order to boost the real estate market and make these homes accessible to those with lower incomes.

Governmental Actions

Housing costs are being affected by government policy. It is exempt from sales tax and service tax. The home affordability scheme is also being promoted by a number of government bodies. Many builders in the real estate industry are concentrating on inexpensive homes for the masses.

Possession of a home and a growing income

As India continues to urbanise, we see a rise in the number of individuals who identify as homeowners, with aspirations spanning the urban middle class to the poorest strata of the country's economic strata.

Time

When construction on a house takes too long, the price tag rises. It is important for towns and builders to work together to reduce expenses associated with obtaining permissions and permits in order to keep construction costs to a minimum.

Supplies and work

The price of housing may be affected by the price of construction materials and labour. In most cases, these costs may be traced back to the state of the economy. Land is becoming more readily available, and at more reasonable prices, especially in suburban areas, which is a major boon to the creation of cheap homes.

Help with finances and rules and regulations

There are a wide variety of banking and non-banking financial institutions contributing to affordable home construction. As a result, more and more individuals are able to afford to own their own houses.