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Indian Real Estate News : Hyderabad
Huge shortage in affordable housing
Source: The Times of India Aug 01, 2014
A study says that there is a shortage of 26 million houses in the country in the affordable category with supply very limited because of high land cost, low FSI, and expensive capital

Demand for housing in the country is very high and more than 85% of this comes from house holds of the Economically Weaker Sections (EWS) and Lower Income Groups (LIG).

The high population density in urban areas has triggered a huge demand for urban land and there is a growing need to revisit previously conceived government regulations, which have created artificial land shortage and pushed up land prices in India. Without government support, the limited availability of land in urban areas makes it unviable for developers to take up affordable housing projects.

Rama Raman, the chairman and CEO of Noida and Greater Noida Industrial Development Authority (GNIDA), says: "We have plans to ensure the supply of adequate land for housing and infrastructure by computerization of land records, use of geographical information system (GIS), efficient dispute redressal mechanisms, and implementation of master plans, which will go a long way in helping the construction of more houses.

We will also provide incentives, which would not only reduce the cost of construction for developers and builders and make the project viable, but also make them affordable for buyers."

Private initiatives

Anand Rural Housing Infrastructure Development Pvt Ltd delivered its first project in Bulandshahar recently. The project, Jeevan Geet, consists of over 400 units over 10 acres with each singlestorey unit built on around a 50 sq m plot.

Houses are designed to take the load of two more floors, which will come handy if buyers decide to expand their homes.

The colony has underground and overhead water tanks, solar street lighting, sewer treatment plant (STP), dual plumbing to use the treated water for flushing, rainwater harvesting facility, etc. The project was launched at less than Rs 10 lakh per unit and a second project in Moradabad was launched recently; the company hopes to build sim ilar projects in at least 20 cities in the next couple of year.

R K Arora, the CMD of Supertech Ltd, says: "Affordable housing has brought opportunities for many to buy their dream homes. But, there is no denying that the continuous increase in the price of raw materials has made things difficult for builders, as this is affecting the cost of construction. We have brought in new technology like precast, which helps in lowering the cost of construction and saving up to 64% in construction time as well, so that we can still provide affordable housing solutions to the larger population of this country."

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