Housing affordability worsens

15 JUL,2019 | MEDC


 

A survey by the RBI has revealed that housing affordability has worsened over the past four years. With a median 74.4 months’ salary required to buy a house, Mumbai remains the least affordable city in India, while Bhubaneswar is the most affordable, with a corresponding figure of 54.3. This is not good news for a country with a fast urbanizing population facing development challenges associated with rapid growth. Industry needs to rise to the occasion and avail of all the schemes the government has undertaken to boost the sector. This area has huge scope for public private partnerships. The collective agenda should advance the efficiency of the affordable housing sector at an optimally low cost, while ensuring that basic amenities and safety standards are maintained at acceptable levels. There is a need to drive innovations for developing sustainable habitats and vibrant communities throughout the country, especially by skilfully minimizing/eliminating the concomitant infrastructural bottlenecks.

*Photo Credit: Google

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