India, which is the home to around 1.3 billion people, the need of a home is the most important point in the life of these people along with food and clothing. The ever increasing prices of Products and flexible economy with the stints of recession at constant interval are the reasons for worry for several people whether they are poor, middle class or rich. The common man is facing the troubles in earning their livelihood and to have better housing. According to the reports, today there is a shortage of around 30 million homes to the people of India and to complete this void, it may take long years even several flats on a daily basis are being constructed.
According to the latest reports by KPMG, the majority of houses needs to be affordable and require huge investment. According to the reports the shortage of houses in the urban areas is around 19 million units and that figure includes the majority of houses which are required below the price of 15 lacs. Around 95.6% of the houses are indeed for the economically weaker sections and low income grade people who cannot afford houses above the price of 15 lacs. The reports say that the India needs to build 30k Units on a daily basis to cater to the needs of the housing demands and that process of building houses must continue for around 8 upcoming years.
In fact India is in dire need of affordable houses to offer homes to the majority of people and to fulfill that scene; India needs to invest heavily in the upcoming years. It is being estimated that in fact India needs to invest around Rs. 125 trillion keeping the prices at the current level and then only can meet the ever increasing needs of the housing for the ever increasing needs of the population of India. In the present scenario, there are around 40 to 50 clearances needed to get the approval for the residential building and may take time of around 2 to 3 years in getting those approvals.
The rising prices of the materials involved in the construction work and the time taken to complete the projects are also other factors which contribute to the rising prices of the flats. Thus, the large scale development of the housing units at affordable prices often becomes a tough ask at the real estate developers’ side. Now the government’s call “Housing for all” which aims to provide cheap houses to the population of India may initiate some steps ahead to meet the needs of the people who are otherwise on their knees due to the high asking price of the housing schemes.
In a nutshell, we can say that, till the time the policies and the working system to build housing units for the people does not get right on the platform, the dreams of providing cheap and affordable units to the people cannot come true. The clearance policies of the residential Flats along with the construction of flats need to be speeded up to cater to the needs of the cheap and affordable residential flats in Jaipur and other cities of India.