Affordable Housing is fast taking center factor internationally as well as in national agenda only. Affordability of Housing becomes a key component in national economic competitiveness. Affordable Housing sector in real estate owing to the new push from a slew of schemes and budgetary allocations from the Union Government. There are various real estate developers who have focused their attention on providing affordable housing.
Pradhan Mantri Awas Yojna (PMAY) urban introduced in 2015 was launched by the Government of India that aims to provide ‘Housing for All’ by the end of 2022. As stated in the report, it has led to 0.57 million units being added in this sector since 2016 in top eight cities, viz., Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad. But analysis of demand versus supply an average, nearly 0.6 million homes are required every year in these cities against a supply of 0.2 million units annually.
Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder and Chairman – Signature Global India Pvt. Ltd. said, “With 70% of jobs being created in the urban areas, it is expected that 40% of India’s population will come to live in urban areas by 2030. Majority of these people are new migrants to the cities and need affordable houses. So we as a builder of affordable houses are going to achieve the mission of ‘Housing for All by 2022.’