Nuances of The Indian Real Estate People Were Unaware of
Indeed, a roof over every Indian's head would be the most compelling deliverable for any Government to actually deliver
Advances in Technology in Real Estate
Many of the most important changes to positively impact home buyers in India so far have been at the policy level, while others have been induced by advances in technology, Anuj Puri, Chairman – ANAROCK Property Consultants lists out here:
- The Internet has opened up the ability for everyone to do their own basic research and shortlist locations, projects and properties that suit their needs
- Housing loan interest rates are hardening, but if we consider that they were as high as 16% per annum in the '90s, they are still quite attractive
- Buyers' bargaining power is at an all-time high today
- RERA is clearing fly-by-night operators from the market, leaving only credible and reliable players who are bound by law to adhere to their assurances on the market
- The economy’s opening up with a plethora of new employment opportunities has, among other things, also led to the emergence of dual-income nuclear families with vastly enhanced home buying abilities
- There is a wealth of property options available to home buyers today, which means that buyers are not limited to just a few developers and projects
Housing for All by 2022
According to a recent Government report, the shortage of urban housing in India has reduced from 24.7 million, estimated at the start of the 11th five-year plan 2007 to 18.78 million in the next five-year plan 2012-2017. A shortfall of close to 19 million homes is not inconsiderable.
Nevertheless, as an electoral promise, it remains uniquely evocative and relevant for Indians today. Indeed, a roof over every Indian's head would be the most compelling deliverable for any Government to actually deliver.
Puri says, “Can this dream be achieved? A lot would depend on:
- Making land for affordable housing available where it is needed the most
- Making the creation of mass housing a more attractive business proposition to developers
- Creating single-window clearances for mass housing projects to ensure minimum delay for such projects
- Ramping up infrastructure deployment in newly emerging areas where affordable housing can be created
- Offering further incentives for budget-strung first-time homebuyers
Definitely, the Government has within its grasp the means to make it happen. Perhaps Independent India will indeed see this ambitious goal achieved by 2022.”
This article was originally published on Franchise India by Nibedita Mohanta.