Government Pushes on Homes for Lower Income Groups :
In line with the Prime Minister Narendra Modi’s dream of giving home to every Indian and at a time when there is a huge demand for quality real estate especially for the weaker sections of the society, the Indian government is going all out to push for homes especially for the weaker sections of the social strata.
According to senior government officials, real estate developers in the country should now focus on addressing the housing demand of lower income group and economically weaker section. The government is committed towards delivering housing for the masses and this is the right time to initiate actions in this direction.
Speaking at a real estate conference, Ministry of Housing & Urban Poverty Alleviation, Joint Secretary, Karan Bir Singh Sidhu has said that there is a shortage of about 2 crore houses in the country, and maximum number of this shortage exists for the economically weaker sections and the low income groups in the society.
It is time for the organized real estate sector to swiftly move ahead and cater to this huge demand of affordable real estate in the country. And hence, in order to move in this direction, real estate developers must move on from a low volume-high margin business to low margin-larger volume business and cater to this real estate demand coming from the masses.
However, at the moment, most of the real estate supply is directed towards the affluent class, and this is where there is a slowdown in terms of buying as well. all this can considerably improve, if the developers target the low income groups and provide affordable housing for the nation.