The country's government has worked to bridge this obvious housing gap between rich and poor, with an ambitious initiative that promises to ensure “housing for all” by 2022. Developers and analysts say the plan has so far delivered results. conflicting, but believe that the government remains firmly committed to supporting the economic segment of the housing market at a time when the broader industry continues to struggle.
It is true that not so many real estate developers have undertaken projects in this segment as would have been expected now, says Niranjan Hiranandani, national president of the industrial organization NAREDCO and chief executive officer of Hiranandani Group, a Mumbai-based developer. “The good news is that more and more real estate developers are starting to work on projects in this segment. We are in a scenario where things should ideally work.
India's Prime Minister Narendra Modi launched the “House for All” initiative four years ago, and two schemes have been announced so far to help achieve this ambition. They are Pradhan Mantri Awaas Yojana-Gramin for rural poor and 12 million new for urban poor by 2022 with the aim of building 10.2 million homes by 2019. Pradhan Mantri Awaas Yojana — Urban for homes. These additional homes will find it difficult to reach these goals, but the data suggest.
India's Ministry of Finance's key annual document, the latest economic survey, states that 8.6 million homes have been completed in rural planning and 3.2 million in urban areas. However, an additional 6.1 million have been approved under the City Plan and are “grounded for construction.” According to economic research, the PMAY Urban Scheme is moving rapidly towards achieving its vision of providing Pucca Houses for all households by 2022.
The study said that Indian cities were the engine of their economic growth, and not only did the investment provide housing for eligible families, but they also caused a “multiplier effect on the economy as a whole”. By 2022, all things had brought concrete ground results. The government's most advertised plan, PMAY Urban, has gained visible traction in all-state.
In addition to this scheme targeting the poor, private developers are increasingly launching affordable housing for the middle class who are struggling to buy real estate in cities such as Hyderabad. This is a change for an industry focused on targeting the richer buyers. One of the key aspects is the fact that real estate developers, especially private players, are primarily targeting the luxury, high-end, and mid-upper residential segments, thanks to the higher returns from such projects. is. According to economic research, the PMAY Urban Scheme is moving rapidly towards achieving its vision of providing Pucca Houses for all households by 2022. It is one of the largest housing plans in the world covering the complete city of India.
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