Affordable housing remains one of India’s most pressing development goals. The government’s ‘Housing for All’ mission, launched under the Pradhan Mantri Awas Yojana (PMAY), aims to provide every citizen with access to a safe, secure, and affordable home. But bridging the housing gap in a country as vast and diverse as India presents a set of complex challenges and opportunities.
Organizations like NAREDCO and the FICCI Real Estate Committee have been instrumental in pushing this vision forward. Their engagement with government bodies, private developers, and financial institutions has helped streamline policies and improve funding mechanisms.
The Demand-Supply Challenge India faces a housing shortage estimated in the tens of millions, particularly for economically weaker sections (EWS) and lower-income groups (LIG). While urban migration continues to rise, the supply of affordable units has not kept pace. One reason is that high land costs and regulatory delays often disincentivize private developers from entering the affordable housing space.
Policy Support and Incentives Government initiatives like interest subsidies under CLSS (Credit Linked Subsidy Scheme), tax benefits, and infrastructure status for affordable housing have started to shift the needle. Faster clearances and support from state-level agencies are also helping.
FICCI and NAREDCO continue to advocate for more accessible financing options and simplified regulatory norms. Their whitepapers and research efforts provide actionable insights for stakeholders to align with the national agenda.
Private Sector Involvement Private developers are increasingly recognizing the potential of affordable housing as both a high-volume and high-impact segment. Innovative construction technologies, like precast concrete and modular homes, are reducing construction time and cost, making it viable to serve the affordable segment without compromising quality.
Challenges Ahead Despite progress, the sector faces hurdles like fragmented land ownership, financing issues for end-users, and limited infrastructure in peri-urban areas. However, the momentum is building. With continued collaboration between government and industry bodies, India’s dream of housing for all is moving closer to reality.
