Poor living conditions are one of the biggest drawbacks of growth in India. end result? Slow growth in every spectrum possible. The real-estate sector is looking at a massive growth potential in the next 5 years. The real estate business is worth more than 12,000 crores and is expected to be worth 93,000 Crores by the year 2040 but utilisation of funds in the right aspects is essential as well.
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Affordable housing is an imperative aspect of growth in India in every aspect possible. Building houses which are affordable for the lower income groups will be extremely beneficial in the long run not just for the builder but for the tenants as well. Living conditions of many big cosmopolitan cities in India are becoming worse day by day, people get sick because of unhygienic conditions, congested spaces degrading the quality of life, etc.
The above-mentioned situations keep the growth stagnant and reduce its long-term positive impact of it. Affordable housing has much greater importance in retrospect to what we know. Researchers have shown the conditions of people living in bad conditions and how it is affecting them in every possible manner.
Affordable housing will solve a lot of problems in the long run. How?
- Environmental impact: Poor conditions and discarding of goods lead to pollution of the environment which further necessitates the increase of countermeasures. A bad environment is a threat to people, especially in terms of health.
- Overpopulating of urban areas: A lot of Indian cities have seen large numbers of people migrating which results in the accumulation of people in one area. Overpopulation and unclean surroundings will pose a threat to everyone. Adding to that, increasing congestion will lead to socio-economic barriers and domestic conflicts.
- Better growth for families- A stable house increases the focus of people in a lot of different arenas because shelter is one basic and most important human need, once this is checked off people tend to focus on other aspects of growth. Studies have shown improvement in multiple aspects of people who come from stable housing situations.
- Increase in job opportunities- Better housing projects mean more people coming and staying. This creates a lot of opportunities for employers to look for people in the vicinity and vice-versa.
What can be done to improve the affordable housing sector:
- Reduce expenses for builders for them to promote affordable housing and not focus on profit maximization
- Reduce land taxes to improve localities and interweave people with different jobs available in the area
- Subsidisation of different benefits so people of lower income groups are interested in living in those apartments and improving their quality of life
Conditioning of the real-estate sector is important when it comes to growing in a linear manner. Improved conditions will help children study better, explore more and live a good quality life with a potential for growth.
Real Estate is responsible for the growth of different aspects in many great ways. Proper utilisation of land without harming the environment and providing better quality life to people will slowly improve the different sectors which will provide even greater benefits in the long run.
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