MUMBAI: At least 80,000affodable housing units in the Rs 3-10 lakh range were constructed in the last five years across India, said a Monitor Inclusive Markets report.
Ashish Karamchandani, executive director, Monitor Deloitte, India, at a conference on Mumbai as a mega-city – A way forward with EU said these low income housing (LIH) units had also come up in Mumbai. However, the demand was for 15 million such units.
“Almost twice as many units have been launched in the last 30-month period as compared to the previous one,” states the report. Amongst the 22 cities in the country, Ahmedabad, Mumbai and Indore are seeing good volumes of supply. In the north there is limited LIH supply.
The report points out that the industrial belt of Rewari/Dharuhera in the Delhi-NCR region could potentially see some LIH supply emerge in future as a few developers have expressed interest in building below Rs 10 lakh housing in these geographies. In the eastern region, some LIH developers have emerged in Kolkata and Bhubaneshwar. In Bhubaneshwar, there is potential for more supply in future as there has been a concerted effort by the state government to promote low-income housing.
“In the southern region, the progress has been least promising — longer approval timelines, cultural resistance to move to multi-storey flat format are some of the reasons cited by developers for not entering the space,” reads the report.