Contents of the Chapter:
- Introduction
- Key statistics
- Estimation of Urban Housing Shortage (201)
- Govt. Policies for affordable housing
- International Scenario
- Indices related with housing Sector
INTRODUCTION
The paradox of Indian economic growth manifests itself in
several ways. On one hand Urban India has high housing shortage, on the other
hand there is a massive and rapidly growing stock of vacant houses. In case we
adapt business as usual scenario, with no major change in the interventions
envisioned by public agencies, we may take trends in the growth in number of
households (HHs) and housing stock and consider the difference of the second
from the first as the shortage. This approach was adopted partially by the
Ministry of Housing & Urban Poverty Alleviation (HUPA).Interestingly, despite
the rapid growth in number of urban households, there will be no housing
shortage by the middle of Twelfth Plan period, as per this approach. This is
because the growth in the housing stock has been high in recent years, despite
the speculation of the bubble bursting all the time.
Housing shortage would not be a major problem if there is no
mismatch between the people for whom the houses are being built and those who
need them. It would, however, be unrealistic to assume that those living in
‘housing poverty’ would have affordability and access to the burgeoning supply
in the market. Within the urban population, there is a rapidly growing informal
sector whose ability to borrow from the formal market is not adequately
recognized. This is also posing a new challenge to the Policymakers and
financiers. Although there has been continued deepening and broadening of the
financial system, through a series of comprehensive financial reforms, the
outstanding housing loans account for only 7.25 per cent of India's GDP, when
compared with China (12 per cent), Thailand (17 per cent), and Malaysia (29 per
cent).
India is a part of Global trend that is advancing towards an
increasing urbanization, according to which more than half of the world’s
population is living in towns and cities. According to Census 2011, India has a
total population of 1.21 billion out of which 31.1 % live in urban areas.
Therefore, the urgent need of the national policy makers, at present, is
authentic data on Housing viz, the housing stock, addition to housing stock,
investment in housing, housing conditions and needs (Structure, Congestion,
obsolesce) role of public and private sector in the housing, prices of building
materials etc. An idea about the size of shortage is essential so that the
interventions may be scaled up accordingly.
Dear
Candidate, This Material is from Economic Survey & Government Plan Programme and
Policies. For Details
Click Here
