Housing Sector in India

With a large population base, rising income level and rapid urbanization, the housing industry is perceived to be one of the fastest growing sectors in India, contributing immensely to the GDP of the country. Since independence, the Government of India has been in a race to provide shelter to its growing population under various housing schemes.

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As a part of this pious purpose, development authorities have played a vital role in strategist and executing a well-planned and organized growth in this sector all over the county. For this, many special functions like delivering housing facilities to the residents, restructuring urban infrastructure, implementing urban development plans and programmers etc. have spread under the umbrella of development authorities.

As the demand of changing times, the higher authorities come up with feasible housing schemes for all different segments of the society. Though the matters pertaining to the housing and urban development come under the State List as assigned by the Constitution of India, Union government has shown its wider responsibility of incorporating all in the circle of development by timely formulation and implementation of social housing schemes.

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As India has crossed the one-billion-mark population, housing everybody has become a major challenge for the government. At the same time, other sectors like drinking water, electricity, road and transportation etc. too have to be taken care of.

Schemes like Indira Awaas Yojna (1985), Jawaharlal Nehru National Urban Renewal Mission (JnNURM in 2005) for the development of cities, Rajiv AwaasYojna (2013) for urban housing, Smart Cities Mission (2015), Atal Mission for Rejuvenation and Urban Transformation (AMRUT in 2015) for urban development, Pradhan ManthriAwaasYojna (PMAY in 2015) etc. have been placed as pertinent for the growth and development of the country.

The demand for houses is expected to increase in coming years, which stimulates alliances like public private partnership (PPP). For achieving social and economic objectives, the sector needs gigantic volume of funding. Hence, for the revival of the sector, government has addressed this issue by allotting funds during each budget session. With the new administrative power at the center, India is galloping forward by announcing its ambitious project ‘Housing for All by 2022’.

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