RNCOS White Paper - The Future of Affordable Housing in India
RNCOS White Paper: The Future of Affordable Housing in India
The affordable housing market in India has observed staggering growth in the past few years.
The past couple of years have witnessed significant project launches in the affordable housing
segment in India. One of the major reasons is the global economic slowdown pulling back
developers from high margin luxury segment to low margin affordable segment due to volume
sales and lesser investment. On the demand front, rising disposable incomes and growing
urbanization have further fuelled this growth. Micro financing has helped the developers and
consumers avail easy finance without stringent KYC norms of banking entities.
As per Mr. Shushmul Maheshwari, CEO - RNCOS, demand for low cost housing is exorbitant.
There is a huge shortfall of nearly 25 Million houses in the country. Government schemes have
spurred growth in the affordable housing segment. The Reserve Bank of India has relaxed the
norms for external commercial borrowings or ECBs for Housing finance companies for the
purpose of on-lending for low cost housing units. Government has recently amended flagship
scheme Rajiv Awas Yojna. Similarly, Centre has also improvised the Interest Subsidy Scheme
in favor of masses.
However, the major hurdle in low cost housing is the excessive duration of approvals and
hassles in procuring numerous approval certifications and clearances. As a ray of hope, some
regions have adopted the adored SINGLE WINDOW CLEARANCE which has lead to remarkable
cost reduction and convenience. For instance, the state of Punjab has successfully followed
the model with successful implementation. On the similar lines, Municipal Corporations of
Delhi and Indore have introduced online sanction for building plans and issuing completion
certificates. More such developments are expected to improve the housing sector
performance in future.
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