The Current Situation that Appears with Haryana Affordable
Indians are unable to purchase even a simple home because of this. Technical Group on Urban Housing Shortage 2012-17 (MoHUPA) report states that 18.78 million dwelling units are in short supply, of which nearly 96% belong to EWS and LIG Households.
This is where private and public housing developers may make a lot of money. Most of these folks, especially if they live in the suburbs, would prefer to live in a smaller, more cheap home if they could afford it, even if it was a few miles away (Rs.5 lakh to Rs.10 lakh). This means that the affordable housing market has an estimated opportunity size of Rs 1,100,000 Cr, or 11 trillion rupees.
Haryana affordable Solutions and Challenges
In spite of the opportunity, it is difficult for developers to break into the market in this niche. There are a number of issues that are preventing this huge market area from taking off.
Affordability in housing is a numbers game. However, enormous tracts of land are needed to create inexpensive housing on a broad scale, and these are difficult to come by. To keep prices low, developers are forced to buy property outside of the city to build cheap housing developments on land that is too costly in inner-city areas. In these places, however, the infrastructure is often determined to be lacking. Lower-income residents are turned off by new projects because of inadequate access to roads and public transit.
It may be time consuming to get clearance from many government authorities for real estate development, which is currently the case. If a system is put in place that allows projects to be approved in a timely manner, private sector involvement in affordable housing would surely increase. Making certain that the necessary permits are obtained,