Affordable houses are those housing units that are affordable by an economic weaker section of the society, that fall under lower or middle income household category. Trend of setting up nuclear families will definitely augment the demand of affordable housing in the residential mkt. To meet the current economic challenges, both the partners are compelled to work to meet their aspirations & sustain their needs,
By 2050, 900 million people will be added to Indian cities1. The rapid pace of urbanization owing to the rural–urban migration is putting a strain on the urban infrastructure in these cities. The urban housing shortage plaguing in India is about 30mn. Demand for affordable housing is a dire need in India as there is a shortage of almost 30 million houses (please acknowledge the source of statiscal information) in our country. These evolving factors and the changing urbanization trend help developers in their bid the gap through affordable housing. Hence, huge potential lies around to sustainably develop this untapped market and foster the PMO’s vision of creating 25mn houses by 2022..
The salaried category is heavily in need of small cap houses which satiate their standard of living needs imbibing the luxurious amenities & higher quality, which otherwise not feasible. The significant demand in affordable housing would be a key growth driver for the real estate sector. We should know that this is an unexplored segment in real estate market and there is a need of exploring and adapting this concept in future to satisfy the need of a house for every family.
There is a huge demand of affordable housing in western countries as every individual is working there and demands a small apartment but with atleast the basic luxuries and amenities in the house. Many western countries are even struggling to meet the demands of such houses at affordable prices where luxury and quality is not abandoned or compromised.
As per the reports shared by United Nations Department of Economic and Social Affairs, it states that there will be rapid growth in India, China and Nigeria for Smart cum Affordable Housing. Mumbai being the sixth most populated city with a population of more than 21 million, Affordable Housing concept applies more for them as presently, 54% of global population resides in urban areas, which is expected to increase to 66% by the year 2050.
Thus, we are keen to grab this untapped segment and make affordable housing a dream come true.