Dev Singhraha
Relocation Expert
India’s population is growing fast and along with it unemployment also. With more than 44.9 million people not being able to afford homes in India, affordable housing needs some changes to suit every pocket and need. 

Haryana Urban Development Authority (Huda) recently held an auction for the economically weaker section, for the sale of flats. Alarmingly, there weren’t many takers for the same even though the pricing of the flats were from Rs 3.6 lacs to Rs 3.9 lacs with the provision of EMI up to 20 years. Same is the case with more than 1500 flats in Gurgaon sector 47. They were constructed for the people below poverty line, but not many people have shown interest in buying the flats.

Is the place of construction the reason?

As a matter of fact, yes. The place of construction matters a lot. Experts predict that around 40 percent of the population will migrate to metro cities by 2025 and efforts are made to supply the ever growing demand of better housing facilities. However, not every worker, skilled or unskilled, will be near place of construction to balance the ration, the construction of properties must be done in the areas that are reachable and accessible for most people. Building affordable properties outside the city, where the population isn’t booming is a not a wise decision.

Is ‘affordable’ actually affordable?

The affordable housing for the middle class is no longer affordable. The prices of properties are going up and high and to meet their need and requirements, people have to compromise with amenities and infrastructure. The properties in prime locations get sold off first and quickly. Needless, to say the term ‘affordable housing’ is not much affordable now.

The minimum income of an individual today is around 50k per month. According to experts and home loan advisors, the loan should not exceed 30 percent of individual’s monthly income. That means the people have to find a good affordable house meeting their requirement with monthly rent not increasing more than Rs 15,000, is a difficult process. 

Not only that, the growing demand across the globe for a better housing facility has caused a decrease in the per sq ft size of property. The cost of living has increased several folds in past decade and that has made potential buyers ‘resize’ their property requirement. 

Cost alone is not the main hindrance, sometimes the affordable housing lacks behind due to improper documentation, not enough promotion and advertisement. While the government is trying to boost up the real estate market, they need to have a proper and closer look at the buying-selling pattern to determine the best possible way of making affordable housing more affordable.
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