Click to play videoMumbai: For people wondering where their next meal is coming from, housing is the last thing on their minds. But the Government believes one of the biggest challenges to rapid growth is housing the weaker sections of the economy.
Data from the Eleventh Planning Commission shows that 99 per cent of housing deficit involves low-income groups and economically weaker sections. As of 2007, India is short of 2. 47 core homes. And that figure could go up to 2.65 crore by 2012.
To bridge this gap, experts suggest a route that was successful in bridging the country's infrastructure gap, public-private partnerships. This, they say, can speed up the process of putting up affordable housing especially if the Government plays a big part in securing the necessary licenses and approvals.
CMD National Housing Bank, S Sridhar says, "The transaction cost is quite high and could be as high as 10-15 per cent, that is the time spent in taking approvals and procedures and stamp duty. We should provide fast track approvals for affordable housing in public-private partnerships and since Government agencies are involved, it will be easier."
The public-private partnership model is still a proposal and needs Government approval.
It's biggest drawback, experts feel, is it could throw up issues regarding land acquisition, especially in the metros and larger cities. But if that can be surpassed, it may be the answer to to push growth through the roof.
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