Page 10 - CO JAN 2020

COVER STORY

Affordability

The affordable housing The human population is on a rise at a global total, respectively.
sector in India is going level. The world’s population at nearly 7.6 bn Modi Government 2.0 has continued its
through interesting times. as of mid-2017, implies that the world has push for affordable housing by increasing
added approximately 1 billion inhabitants
The most significant over the last 12 years. Around 83 mn people annual tax exemption on interest paid for
development was the are being added to the world’s population self-occupied property from `2 lakh to `3.5
grant of infrastructure every year as per current estimates. lakh besides making available land from
public sector enterprises for construction
status to the sector in the According to the medium-variant projections of affordable homes. The government will
Union Budget 2017-18 made by the Population Division of the United also bring in a model tenancy law to push
which is likely to incentivise Nations - Department of Economic and Social utilisation of vacant houses in a country where
Affairs, the global population is expected to
developers by giving hit 8.6 bn by 2030, 9.8 bn by 2050 and 11.2 real estate sales are moving at a sluggish
access to cheaper bn by 2100. pace due to high prices.
sources of funding and Developing nations across the world are large The demand drivers and enablers are also in
reducing the cost of contributors to the growing global population. place. A robust economy, a galloping urban
borrowing. In the next few Around 60 per cent of the world’s people live population, rising incomes in urban and rural
years to come, lot can be in Asia (4.5 bn). China with 1.4 bn and India economies and home loans available due to
expected, writes with 1.21 bn remains the two most populous priority lending classification, will all ensure that
ROHAN AMBIKE. countries of the world, accommodating the affordable pie realises its full potential as a
19 per cent and 18 per cent of the global long term growth story. Affordable housing will

10 CONSTRUCTION OPPORTUNITIES|JANUARY 2020