Pertaining to the urban migration and housing, affordable housing has become vernacular and is easily associated with any discussion on real estate and since housing is one of the basic amenities of a citizen, affordable housing is reaching the peak level in the market. India, having the second largest population in the world has been urbanising and developing at a very rapid pace. The government of India came up with a policy of ‘Housing for All by 2022’ under the PMAY (Pradhan Mantri Awas Yojana) for solving the problem of the shortage of houses in the country.
This ambitious goal of the government has led to the involvement of many developers and they are now associating themselves with affordable housing which was earlier overlooked by the realty sector and the developers. Being a key partaker in this initiative by the government, NBFCs (Non-Banking Financial Companies) has always made targeted their audiences to be the one who need affordable houses and has been chalking out the best EMI schemes that would suit the borrowers.
Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder & Chairman – Signature Global India pvt ltd elaborates, “Being a very crucial subject, the segment of affordable housing is prone to complications. To ensure that all the citizens of our country should have a roof of their own, all the stakeholders as the Central Government, State Governments and the private sectors to work in a collaborating manner. And with more developers venturing in the segment, it is highly anticipated of the government’s vision of ‘Housing for All by 2022’ to root out the problem of homelessness in the country.”