Indian government to create low-cost rental housing

The Indian government is set to launch a rental housing project that aims to provide low-cost temporary shelter for migrants and homeless people until they acquire their own homes.

The initiative will make low-cost housing available as a transitional solution to homeless people and to migrants who flock to big cities and who often face housing problems due to their economic vulnerability. The government will invest 6,000 crore rupees (close to 1 billion dollars) in the project which will be launched first in New Delhi before being replaced in other cities, explains an Urban Gateway article.

The housing shortage is at nearly 18.78 million according to a 2012 estimate, 95 per cent of which is in the low-income category. The newly launched project seeks to address this shortage as part of the government’s ‘Housing for All by 2022’ strategy.

The government hopes that the project will also spur economic growth because it offers considerable investment opportunities. Massive funding is required because housing in urban areas alone is estimated to cost about 22.50 lakh crore rupees (around 365 trillion dollars).

 

Photo credit: UK Department for International Development, flickr/Creative Commons

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