#Economy AFFORDABLE HOUSING IN INDIA According to the GoI, | CSE MAINS BOOSTER
#Economy
AFFORDABLE HOUSING IN INDIA
According to the GoI, Affordable housing (AH) refers to any housing that meets some form of affordability criterion, which could be income level of the family, size of the dwelling unit or affordability in terms of EMI size or ratio of house price to annual income.
Significance
The cities of India are under immense pressure and struggling to accommodate the ever-growing
migrant population.
Exponential urbanization and increase in slum settlements, lack of basic services, limited access to
quality healthcare and education are leading to decrease in the quality of life of the migrants.
The Ministry of Housing estimated a housing
shortage of 18.78 mn houses during the 12th plan period, with 99% in the economically weaker section (EWS) and lower income
groups (LIG).
The country’s total urban housing shortage is projected to be about 30 mn by 2022. This
ever increasing gap between demand and supply in the affordable housing is forcing
people to live in slums and informal
settlements.
A thrust on Affordable Housing will not only lead to better quality of life, but also significantly provide a boost to the GDP of the
country.
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