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Consultancy firm Jones Lang Lasalle has indicated that the country falls short of 26.5 million affordable housing units.
In its latest report it has said that the availability of affordable housing in adequate numbers is one of the greatest necessities of urban India. Indian cities fall short of planned housing for low-income and economically weaker sections. This has meant a perennial and ever growing shortage.
According to its assessment, this is detrimental to the planned growth of cities and also means demography of less than equal citizens forced to live in substandard clusters.
Jones Lang Lasalle finds that Indian developers are primarily targeting luxury, high-end and upper-mid housing segment. Value housing is being used as a saviour in the low phases of real estate cycles. The 2011 census showed the country’s population at 1,210.98 million. Of this, 377 million live in urban areas. The housing stock in urban area is 78.48 million households. While the gap between household and housing stock is narrowing, actual shortage is high due to certain part of the current stock being dilapidated and people living in congested dwellings.
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