Anuj Puri, Chairman – ANAROCK Property Consultants Pvt. Ltd.
Affordable housing is not just about providing homes to the lower-income strata of society, though that is what the Modi government’s avowed intention behind the ‘Housing for All by 2022‘ doubtlessly is.
Affordable housing creation also has a direct and favourable correlation with the nation’s economy, as well as most other real estate segments. Housing for lower-income wage earners increases the economic strength of any city or region, as it attracts inward migration which creates a bigger manpower pool.
This, in turn, boosts the viability of opening up industries and businesses in the region, translating into more demand for commercial real estate spaces. Formal and informal retail is also attracted to residential catchments, translating into consummate demand for retail spaces in and around such catchments.
Finally, affordable housing in India coexists quite benevolently and beneficially with mid-income housing, as the middle class invariably depends on the services of lower-income earners to keep its show going, so to speak.
In cities like Mumbai, lower-income housing existing alongside the super-expensive abodes of ultra-HNIs is also not considered an anomaly.