Changing dynamics of affordable housing destinations in India!
Get to know about the various trends for affordable housing destinations of 2016 with inferences to be used in drafting various marketing initiatives. The affordable housing case study is about the overall affordable housing market prospect, demand, segregated according to the destinations. Explore the case study with a scope to enlighten your thoughts with future of affordable housing real estate market of India.
About 377 million people from India’s total population of 1.21 billion are urban dwellers. With more than 10 million people migrating to cities and towns every year, the total urban population is expected to reach about 600 million by 2031. Furthermore, between 2015 and 2031, the pace of urbanisation is likely to increase at a compounded annual growth rate (CAGR) of 2.1%, which is estimated to be almost double that of China. The problem is further compounded as there are only a few urban centres in India that promise better prospects than rest of the cities and towns – leading to much more pressure on their infrastructure and housing – and resulting in disordered urbanization. Disordered urbanisation is reflected in almost 65.5 million Indians who, according to the country’s 2011 Census, live in urban slums and sprawls.
In addition, according to the World Bank’s Agglomeration Index, a globally applicable alternative measure of urban concentration, the share of India’s population living in areas with urban-like features in 2010 was 55.3%. This compares to an official urban share of the population of just over 31%, suggesting the existence of considerable hidden urbanisation. This hidden urbanisation, particularly on the peripheries of major cities, is mostly not captured by official statistics, and is symptomatic of the failure to adequately address congestion constraints that arise from the pressure of urban populations on infrastructure, basic services, land, housing, and the environment. Now this becomes a responsibility of the government to identify these areas and should work to find out the solutions via various affordable housing schemes to support them to live their live in a better environment and in dignified ways. (Read more)