Affordable Housing a Huge Opportunity Here

 

Rajesh Krishnan said that India was the largest market for affordable housing, with a deficit of 19 million affordable houses as against the availability of less than 1 lakh per annum. “Affordable housing is a $100 billion business opportunity,” he said, pointing out that though there was no institute for funding developers, the issue was being actively considered by the government.

He said frontline developers were mostly involved in high income group housing that comprised 90 percent of the houses being built, even as the economically weaker section and the middle income section were looking for cheaper homes priced between Rs. 10 and 20 lakh. “We need different people to do it. Not anybody out there has all the ingredients needed to deliver affordable housing,” he said.

He said the scene was changing, with the government taking measures like single window clearance, availability of land, improved infrastructure, and higher FSI (Floor Space Index). Affordable housing requires special attention to project design, whether it’screating lofts, storage wall-shelves, sofa-cum-beds, or kitchen garden ledges and artistic flooring. “We need to also think of a social infrastructure – shops, hospitals, schools, parks, and community centers. People (in affordable homes with a small floor area) spend more time outside their homes,” he added.

He made a pitch for innovative marketing campaigns. Homes are about aspirations and making affordability the primary selling point may not work well. Instead, focus on the special features that the builder had to offer.