Affordable Housing: The Needs and Possibilities

In India, buying a house holds economic value and sentimental and cultural significance. The sense of ‘value’ of a house differs in the Indian context. To wrap it up in a nutshell, owning a home is almost as essential in Indian society as having a source of income. An Indian with a home under their name is considered a better candidate for marriage as well, and let us not go into the social status a homeowner enjoys. Overall, owning a house is vital in India.

If you live in India, you know the value of owning a home. But simply because homeownership is important for us, it does not make this affordable for all.

While urban areas expand and the real estate market rejoices, housing prices have soared in recent years. With the emergence of smart cities, affordable homes in India have become difficult for middle-class and lower-middle buyers. For people less fortunate, this seems like a distant dream.

So, here are some affordable housing solutions to tackle this problem

1) Curbing Homelessness

For some, even a shelter above their head is a dream. While government initiatives are being taken towards providing shelter to the needy, provisioning the homeless in India with a stable shelter other than temporary is still an area of concern. 
Efforts to provide housing first to the homeless with government incentives and without many pre-conditions can be ramped up to tackle this issue.

2) Government Aid 

While government schemes such as the Pradhan Mantri Awaas Yojna have aided in providing affordable housing to eligible candidates to a great extent, a major chunk of the Indian population still struggles to afford a decent home. 
A way to aid the middle class and the lower middle class could be the implementation of guidelines regarding home prices in accordance with the carpet area, connectivity, and overall amenities being provided.

3) Tax Incentives and Government Grants

By providing tax incentives to developers, housing prices can be lowered significantly. These incentives can aid in lowering construction costs and make housing projects more accessible to the middle-class population.

4) Cheaper Raw Materials

Now, cheaper raw materials do not have to be of poor quality. Pre-fabricated concrete can be more cost-effective. Combining structural steelwork and concrete pre-cast components can be more affordable.

prove to be game changers when it comes to lowering construction costs and making housing 

5) Community Land Trusts

You might ask what are they? Well, they are essentially land-holding, non-profit organisations that work towards the development of affordable housing. This allows them to ensure long-term housing affordability and prevent speculation-driven spikes in property rates.

6) Preservation of Existing Affordable Housing

If the already existing housing is protected from unfair soars in home prices, buying a house becomes a lot more affordable. Implementing government regulations can help with this.

7) Micro-Housing

Combining innovative technologies and providing houses that make full use of space and are filled with all the modern amenities is a smart solution for bringing down housing prices. Studio apartments appeal to newer generations, and amplifying space optimisation and modern amenities can turn this into an affordable trend among homebuyers.

Unfortunately, for the middle class and the lower-middle class, affordable housing is becoming g a distant dream, or some miraculous chance. While the solutions above are innovative, they need a wider reach for better results. In countries like India, the expenditure of the population has increased and diversified, yet, housing remains largely out of reach for many people. Affordable is the need of this age and the State needs to ramp up efforts in order to meet the growing demand.