siliconindia | | July 20218The wave of rapid urbanization, luxurious living, and affordable housing is taking the real estate sector by its strides. The upshot of several policies like Pradhan Mantri Awas Yojana (PMAY), Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Real Estate (Regulation and Development) Act 2016 (RERA), Real Estate Investment Trust (REITs), and easing of FDI norms, has challenged real estate's dynamism. Especially through `Housing for All by 2020', the affordable housing scheme launched by Ministry of Housing and Urban Affairs (MoHUA) estimating the shortage of urban housing for Economically Weaker Section (EWS) and Low Income Group (LIG).According to a report released by FSG, a new group of `Affordable Housing Finance Companies' is addressing housing loan-reliable documentation gap and serving low-income, urban informal customers using an innovation, pioneered in India, called field-based credit assessment. A collateral report by FICCI points out that a chunk of large & mid-sized formal developers have been `unsuccessful in supplying affordable housing to low-income customers' as the projects turn out to be expensive and are located far from the central city to bring expenditure at equilibrium. Further, the report suggests that these distant locations also may lack infrastructure and require large investments, which further shrink the already low margins of such projects.IN FOCUSAFFORDABLE HOUSING: FROM BRICK TO BUILDINGBy si Team
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