Housing in India

Issues related to housing sector in India

UN-planned Growth of settlements

A number of housing clusters have mushroomed in and around various metropolitan centres in haphazard and unplanned manner, without a proper layout and devoid of service lines and other essential facilities. These unauthorized developments are encroachments on land parcels belonging to Govt. bodies, public- private-institutions or areas meant to be green belts. The removal/ re-settlement of these overcrowded un-hygienic clusters, commanding massive vote banks, is a serious challenge to correcting these aberrations for a planned growth of cities, especially in our democratic set-up? Therefore, massive concerted effort needs to be made with best of administrative actions and deft political handling for the sake of our future generations.

Non availability of developed land and ineffective and unfavorable land management

There is dearth of developed and serviced land parcels at reasonable rates, especially to meet the needs of most needy section of Society. The slum clusters currently inhabited by these deprived sections are located in high land cost neighborhoods near central business districts of the metropolitan centres. These land parcels dotted with shanties apart from being eye sores and not properly serviced also mean in-appropriate and gross under utilization of precious land banks.

There is lack of development and enforcement of master planning for long–term growth of cities with earmarked areas for different sectors of growth like Light/heavy Industry, commercial, Education, Health, housing forests and parks etc. serviced by appropriate Infrastructure-2/”>INFRASTRUCTURE and transportation system. Therefore earmarking of appropriately serviced land with needed infrastructure and growth promoting land management policy are the urgent need of the time.

Connectivity issues

For Affordable Housing to be truly sustainable, it is important for both development and throughput to be speedy and large scale. However, the lack of affordable and adequately sized land parcels in inner urban localities has driven the development of Affordable Housing to urban peripheries. This is turn often poses a challenge to the Affordable Housing customer, who requires efficient connectivity to areas of work in city business districts. The development of effective mass rapid transit systems is the solution to facilitate easy commute and reduce travel time.

Housing Schemes In India

Rajiv Awas Yojna

Launched in 2009, the Rajiv Awas Yojana (RAY) envisages a slum-free India and encourages state and union territories (UT) to bring all illegal constructions within a formal system. To increase the affordable housing stock under the scheme, the Centre has approved the Affordable Housing in PARTNERSHIP (AHP) scheme to be part of the RAY. The scheme also provides support of Rs 75,000 per economically-weaker sections (EWS), Dwelling Units (DUs) of the size of 21 to 40 sqm. So far, over Rs 1,398 crore has been spent while nearly 46,000 houses have been developed under the scheme.

Pradhan Mantri Awas Yojana (PMAY) (Urban)

Also called the Housing For All scheme, PMAY was launched in 2015 and aims to deliver houses for the homeless by 2022. While the centre is offering assistance to all states and UTs, it will also provide home loan interest subsidy for those buying their first home in urban areas. Under the scheme, the government will provide interest subsidy of three to four per cent for a home loan amount of up to Rs 9 lakh and Rs 12 lakh. So far, over 3 lakh homes under PMAY (urban) have been constructed against a target of 40.6 lakh by 2022.

Pradhan Mantri Gramin Awaas Yojana

Previously known as Indira Awas Yojna, this scheme focuses on providing pucca houses with basic amenities to homeless families. The objective is to build one crore homes of 25 sqm by 2022. The government provides financial assistance by sharing the cost of construction with the state in the ratio of 60:40 in plain areas and 90:10 for north eastern and hilly areas. The cost for the unit assistance of Rs 1.2 lakh is also provided to the beneficiary belonging to households without shelter, destitute/living on alms, manual scavengers, tribal groups and legally released bonded labour. So far, about 28.8 lakh homes have been constructed against a target of 1 crore by 2022.

PPP for housing sector in India

The Affordable Housing stakeholder community is diverse and includes the Central Government, State Governments, real estate and infrastructure developers, financial institutions, urban planners and, most importantly, urban dwellers. Backed by a strong mandate of the Central Government, whose recent announcement to start building homes for the urban poor across 305 cities and towns is expected to boost the economy, the Affordable Housing segment has the potential to offer a multitude of opportunities to all stakeholders, provided there are concerted and aligned efforts in a common direction.

In this context, the private sector can play a significant role in bridging the current deficit of Affordable Housing. In an ideal PPP scenario, the public sector could look into aggregating land for projects, providing single-window and time bound clearances, redrafting the local development byelaws to suit the requirements of Affordable Housing projects and re-evaluating the taxes and levies from the perspective of reducing cost of home ownership for the target segment; private sector entities can leverage core competencies such as Planning & Design, Project Development, Technology best practices, Project Financing, Human Resources, Sales and Marketing.

Housing is one of the basic needs of human beings. It provides shelter from the Elements and a place to raise a family. In India, the housing sector is a major contributor to the economy, accounting for about 8% of GDP. The government has been making efforts to improve the housing situation in the country, but there are still many challenges that need to be addressed.

One of the biggest challenges is the lack of affordable housing. The cost of housing has been rising in recent years, making it difficult for many people to afford a decent place to live. The government has launched several schemes to promote affordable housing, but these have not been able to meet the demand.

Another challenge is the lack of housing finance. Many people do not have access to loans to finance their housing needs. This is due to a number of factors, including high interest rates and lack of collateral. The government has taken some steps to improve the availability of housing finance, but more needs to be done.

The government has also been working to improve the housing policy. The National Housing Policy, 2007, is a comprehensive policy that aims to provide housing for all by 2022. The policy has a number of goals, including increasing the supply of housing, improving the quality of housing, and making housing more affordable.

The government has also been collecting data on housing. The Housing Census, 2011, provides a comprehensive picture of the housing situation in the country. The census shows that there is a shortage of about 19 million houses in India. The government is using this data to develop policies and programs to address the housing shortage.

Slum rehabilitation is another important issue in the housing sector. There are about 100 million slum dwellers in India. These people live in unhygienic and unsafe conditions. The government has been working to rehabilitate slums, but the progress has been slow.

Urban housing is another major challenge. The urban Population in India is growing rapidly, and this is putting a strain on the housing infrastructure. The government has been building new houses and upgrading existing infrastructure, but more needs to be done to meet the demand.

Rural housing is also a major challenge. The rural population in India is still large, and many people live in poor housing conditions. The government has been providing subsidies and loans to improve rural housing, but more needs to be done.

The housing sector is a complex and challenging issue. The government has been making efforts to improve the housing situation in the country, but there are still many challenges that need to be addressed. The government needs to continue to work to improve the availability of affordable housing, housing finance, and housing policy. The government also needs to collect more data on housing and to improve the quality of rural and urban housing.

What is a house?

A house is a building that is used as a home. It is typically made of wood, brick, or stone, and has a roof and walls to protect its occupants from the elements.

What are the different types of houses?

There are many different types of houses, including single-family homes, townhouses, condominiums, and apartments. Single-family homes are detached houses that are owned by one family. Townhouses are attached houses that share walls with other townhouses. Condominiums are apartments that are owned by individual owners. Apartments are rented units in a building that is owned by a landlord.

What are the benefits of owning a house?

There are many benefits to owning a house, including the following:

You build Equity in your home over time.
You have more control over your living space.
You can make changes to your home as you see fit.
You can build a sense of community with your neighbors.

What are the drawbacks of owning a house?

There are also some drawbacks to owning a house, including the following:

It can be expensive to buy and maintain a home.
You are responsible for all repairs and maintenance.
You may have to pay property taxes.
You may have to pay homeowners association fees.

What are the different types of mortgages?

There are many different types of mortgages, including the following:

Fixed-rate mortgages have an interest rate that stays the same for the life of the loan.
Adjustable-rate mortgages have an interest rate that can change over time.
Hybrid mortgages have a fixed interest rate for a certain period of time, and then the interest rate adjusts.
FHA mortgages are government-backed loans that are available to borrowers with low credit scores.
VA mortgages are government-backed loans that are available to veterans and active-duty military personnel.

What are the different types of real estate agents?

There are many different types of real estate agents, including the following:

Residential real estate agents sell and buy homes.
Commercial real estate agents sell and buy commercial properties, such as office buildings, retail stores, and warehouses.
Industrial real estate agents sell and buy industrial properties, such as factories and warehouses.
Investment real estate agents help investors buy and sell properties for investment purposes.

What are the different types of real estate markets?

There are many different types of real estate markets, including the following:

Hot markets are markets where there is a lot of demand for properties and prices are rising.
Cold markets are markets where there is little demand for properties and prices are falling.
Balanced markets are markets where there is a healthy balance of supply and demand.

What are the different types of real estate investments?

There are many different types of real estate investments, including the following:

Single-family homes
Townhouses
Condominiums
Apartments
Commercial properties
Industrial properties
Land

What are the risks of investing in real estate?

There are some risks associated with investing in real estate, including the following:

The value of real estate can go down as well as up.
There may be high upfront costs associated with buying real estate.
There may be ongoing costs associated with owning real estate, such as property taxes and maintenance.
There may be tenant problems, such as non-payment of rent or damage to property.

What are the benefits of investing in real estate?

There are also some benefits associated with investing in real estate, including the following:

Real estate can be a good way to build wealth over time.
Real estate can provide income through rental payments.
Real estate can provide capital appreciation, which is an increase in the value of the property.
Real estate can provide tax benefits, such as depreciation and the 1031 exchange.

The following is not a type of housing in India:
(A) Urban housing
(B) Rural housing
(C) Slum housing
(D) Luxury housing
The following is not a factor that affects the cost of housing in India:
(A) The cost of land
(B) The cost of construction
(C) The cost of materials
(D) The cost of labor
The following is not a government program that provides housing assistance in India:
(A) The Pradhan Mantri Awas Yojana (PMAY)
(B) The Indira Awas Yojana (IAY)
(C) The Rajiv Awas Yojana (RAY)
(D) The Jawaharlal Nehru National Urban Renewal Mission (JNNURM)
The following is not a challenge facing the housing sector in India:
(A) The shortage of affordable housing
(B) The lack of access to finance
(C) The poor quality of construction
(D) The high cost of land
The following is not a way to improve the housing sector in India:
(A) Increasing the supply of affordable housing
(B) Improving access to finance
(C) Improving the quality of construction
(D) Reducing the cost of land
The following is not a benefit of owning a home:
(A) Increased financial security
(B) Increased stability
(C) Increased social status
(D) Increased tax benefits
The following is not a cost of owning a home:
(A) Mortgage payments
(B) Property taxes
(C) Homeowners insurance
(D) Maintenance and repairs
The following is not a factor to consider when buying a home:
(A) The location of the home
(B) The size of the home
(C) The condition of the home
(D) The price of the home
The following is not a way to save for a down payment on a home:
(A) Open a Savings account
(B) Invest in stocks
(C) Get a part-time job
(D) Get a roommate
The following is not a way to improve your credit score:
(A) Pay your bills on time
(B) Keep your credit utilization low
(C) Dispute any errors on your credit report
(D) Close old credit accounts
The following is not a type of mortgage loan:
(A) Fixed-rate mortgage
(B) Adjustable-rate mortgage
(C) FHA loan
(D) VA loan
The following is not a way to get a mortgage loan:
(A) Apply through a bank
(B) Apply through a credit union
(C) Apply through a mortgage broker
(D) Apply through the government
The following is not a type of insurance that is required for homeownership:
(A) Homeowners insurance
(B) Property taxes
(C) Mortgage insurance
(D) Flood insurance
The following is not a way to save Money on home insurance:
(A) Increase your deductible
(B) Bundle your policies
(C) Get a home warranty
(D) Shop around for quotes
The following is not a way to maintain your home:
(A) Clean regularly
(B) Repair any damage
(C) Replace worn-out items
(D) Inspect your home regularly
The following is not a way to repair your home:
(A) Do it yourself
(B) Hire a contractor
(C) Call a handyman
(D) File a claim with your homeowners insurance
The following is not a way to improve the value of your home:
(A) Make cosmetic improvements
(B) Make structural improvements
(C) Add a new bathroom
(D) Add a new kitchen
The following is not a way to sell your home:
(A) List it with a real estate agent
(B) Sell it yourself
(C) Hire a home stager
(D) Hold an open house
The following is not a cost of selling your home:
(A) Real estate agent commission
(B) Closing costs
(C) Repairs and renovations
(D) Moving costs
The following is not a way to avoid paying Capital Gains tax on the sale of your home:
(A) Live in the home for at least two of the five years before selling it
(B) Use the proceeds from the sale to buy another home
(C) Exclude up to $250,000 of the