In the coming years, the housing shortage will be more in India, reported Knight Frank. Realty consultant firm added that the supply of houses will be shorter than the number of homes demanded.
In the years to come, India will be facing acute and severe housing shortage, warns Knight Frank. In the opinion of the global real estate consultant funding is one of the main factor that causes housing shortage.
In the recently published research report of Knight Frank, under the title “Economy and Realty @ Glance”, India is warned to have a severe housing shortage in near future. Precisely saying India will have housing shortage by 2030.
As per its research report the population in the cities, by the year 2031, will be about 600 million. It shows an increase of over 200 million within two decades. This will influence the social and economic segments adversely. The housing sector is expected to be hit hardest by this population explosion.
As per some reliable reports, nearly 94.98 million people in India were residing in slums. This is the situation of many major cities. You must remember that the figure was assessed last year.
The property consultants said that the government measures are insufficient to meet the emerging housing demand. The government, through Jawaharlal Nehru National Urban Renewal Mission (JNNURM), tries to meet the increased housing demand.
Under the JNNURM, the government plans to develop 1.6 million homes for the poor and the lower income group. 1.6 million Homes will be developed by next seven years’ time. Though the project aims to provide homes to the poor and the weak, the number of homes is insufficient to meet the housing demand.
Speaking about the housing shortage, Knight Frank said that funding-trouble is one of the main setbacks for the housing sector. In order to raise sufficient fund the best way, suggests Knight Frank, is Real Estate Investment Trust. It will solve the housing shortage, affirms the consultant.