India is the world’s second most populated country thus the fastest urbanizing nation. As compared to the number of people the resources are limited but the demands are uncountable. People are developing by moving towards better as there has been a great urban congestion because the large number of migration from rural areas, two-tier or three-tier cities to metropolitans has recorded. People live in houses but when houses fall short as compared to the number of people then what to do?
The government has introduced the Affordable Housing Scheme to face this issue this step came up as a revival of Real estate sector. During the second half of 2017-2018, the Affordable housing inventory has started hitting the market. The partnership between central ministries, state government, civic bodies, private sector and country’s financial institution is necessary to successfully construct India’s Affordable housing. Affordable housing has been the hot topic for the government in the recent years.
The Government has introduced some great schemes to boost affordable housing sector, these schemes include:
- Pradhan Mantri Awas Yojana: In June 2015, to overcome the shortage of housing in India, the government decided to build 20 million houses for individuals who fall under EWS (Economically weaker sections) and LIG (Lower income group) categories.
- Foreign Direct Investment (FDI)
- Ease of Doing Business (EOB)
- RERA and GST
- Land Pooling Policy (LLP)