Gurgaon, India -- (SBWIRE) -- 06/26/2013 -- Despite the prolonged global slowdown, Indian economy has been graded as one of the fastest growing economies in world. Pertaining to sustained momentum of growth, infrastructural investments have been critical in Indian commercial and residential sector for last two decades. Recently, Union Ministry for Housing and Poverty Alleviation remarked the need for changes in housing and land use policies in uniformity to the present challenges faced by real estate sector.
Following rapid urbanization in last two decades and consequent commercialization in metro cities, there is an acute shortage of housing in tier one and two cities. Deficiency of infrastructure to sustain growing population and rapid industrialization in these cities has been alarming. As a reprieve to this situation, government has allocated considerable funds for urban development and construction activities in last two five year plans. However, recent industrial conclaves have deliberated on the need for reviewing housing policies in term of their specification and permitted floor space index in these areas. This would enable rationalizing the price structure of housing and provide ample space for construction of affordable residential units for the mid-end category of buyers.
Recently held Confederation of Indian Industry (CII) conclave witnessed the experts sharing the need of affordable houses, irrespective of their locations in tier one cities. Owing to prominent contribution of working class to Indian GDP, it is crucial to cater this class of workers/laborers with affordable houses proximate to their location of work and consumers of their industry. Digging deep into the prevalent existentialities of industrial base in India, it is evident that majority of these service caterers reside in slums of metro cities. It is vital to habilitate them in close vicinity of patrons of these services. This would enable labor class to increase their output and cater effectively to the consumer base. According to the government, creating sufficient infrastructure in place for these residential colonies in prime areas is being considered.
IndiaHomes.com, a leading real estate advisory firm considers that a thorough review of administrative policies for housing and infrastructure in tier 1 & 2 cities is the need of hour. With rapidly transforming structure of real estate and composition of population in these cities, a more comprehensive policy needs to be put in place. The policy would require not just more allocation of funds for next fiscals but also a better delivery mechanism to be devised to cater effectively to prerequisites of growth. To buy affordable residential properties in India has been a worrisome front for citizens with low income especially the worker in unorganized sectors. This can effectively be addressed if schemes and plans for industry consider all these needs with present state of real estate and infrastructure in the country.
With evolving challenges of urbanization and commercialization in India, it’s critical for realty sector to have comprehensive approach to its process of operations and growth. All inclusive growth and development in real estate can only be achieved with due cooperation from governing authorities and forthcoming contributions of developers and other stakeholders in this sector.
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