With the shortage of housing in today’s world, the concept of ‘Affordable housing’ appears to be viable. The policy planners and key stakeholders of realty sector seem pretty serious about providing affordable homes to all. The private sector is also recognizing the growing demand for affordable housing.
The new housing policies for affordable housing will be the driver of reviving growth in realty sector. Housing for all by 2022 is the key agenda of the new government. Despite the myriad challenges, the concept of affordable housing has vital benefits. PM’s plan for 100 smart cities is a major step ahead in improving the quality of living in India. The Narendra Modi government is set to substantially ease norms for foreign investment in the construction sector. The government is considering the removal of all restrictions on size and minimum capitalization for smart cities as well as affordable housing projects.
The relaxation in construction FDI will definitely create a strong positive sentiment as far as smart cities are concerned. Surely, it will need to be backed by faster approvals and addressing issues related to the land acquisition policy. With these major changes, the dream of getting the desirable property will get one step closer to the common man. Indeed, affordable housing fulfils a need gap which has been long awaited by the people of the nation.