Witnessing the need for greater development

[Ishaan21]

According to the statistics published by the government of India, the housing shortage within the country in 1990 was around 30 million units; it was estimated that the housing shortage by the year 2000 AD would be around 40 million. The magnitude of the housing shortage in both relative and absolute terms is indeed very staggering. In the urban areas of the prominent cities, more than 10 million new housing units was required during 1991-2001 to meet the deficit in housing in the next 10 years, that is from 2001-2010.

It is estimated that a minimum investment of Rs. 75, 000 crore per plan period would be essential during the next five years. As per the estimates of a sub-group on housing finance for the Eighth Plan period, an investment of Rs. 15,000 crore would be required per annum to meet the Plan target. According to the figures available from the Seventh Five Year Plan document, the grand total investment in the housing sector by the Government of India (including the States, Union territories and Central sector’s contribution) was around Rs.4, 626.55 crore; the investment made by the private sector is Rs. 29, 000 crore; i.e., the total investment made in housing by the public and private sector is around 33,626.55 crore rupees.

In Kerala also, the shortage of housing units is rather acute in the urban areas and it has resulted in the proliferation of slums in the main city centers. Due to the continuous rise in the value of Properties Kerala state and its urban centers are now posing a challenge to people with small and medium incomes who intend to develop housing units in the urban areas.

The intervention of the government is thus inevitable to speed up the housing development process. Even though the government controlled housing development agencies have totally left the housing development sector, they can achieve some progress by teaming up with the leading non-governmental organizations.