The country is in desperate need of affordable housing, and the government is aware of it. National Housing Bank (NHB) and private estimates suggest the shortage of homes is around 18.66 million. Of these, the overwhelming shortage – 17.84 million units – is staring at the face of the poor and economically weak. The middle classes have a ‘manageable’ shortage of just 8.2 lakh units.
To achieve ‘Housing for All By 2022’ the ambitious Prime Minister Awas Yojana (PMAY) for the urban poor aims at building 20 million homes across 305 cities with a humungous investment of $30 billion. This translates into constructing 37.5 lakh homes every year. A tall order, indeed! Union minister for housing and urban poverty alleviation M Venkaiah Naidu’s statement in the Rajya Sabha recently conceded that only 82,048 units had been constructed since the scheme kicked in, in June 2015. At this rate, the ‘Housing for All Mission’ may not see completion even after a century!...............Read more
Source: The New Indian Express