In a move to provide housing for all by 2022, 6 Crore houses have been announced by Finance Minister Arun Jaitley in Union Budget 2015. The FM announced that the government wants to build 2 Crore homes in rural India and 4 Crore in Urban India which is almost the same as the current shortage of homes.
Housing for All by 2022 is an ambitious programme of Prime Minister Narendra Modi led NDA government which aims to provide homes to all by the year 2022. The union minister for urban development Mr. Venkaiah Naidu has already announced that the help of private players will be sought in order to complete the gigantic task.
The government aims to involve local bodies of states, public sector, private developers and other responsible bodies in the massive housing for all programme.
According to a KPMG research report on Housing for all by 2022, India needs about 11 Crores houses by 2022 with an investment of about USD 2 trillion or about $250 to $260 billion of investment per year.
Announced in 2014 by Narendra Modi, the providing housing for all by 2022 is really a mammoth task where the government needs to build about 35000 homes everyday which looks to be an impossible task, especially when the scheme is only on papers even after about 10 months.
At present, 32% of India’s population lives in towns which is up from 17% in 1951 and is expected to reach 50% by the year 2050, below are some facts about the Housing for all by 2022.
- 1 Crore annual urban population growth expected by 2050.
- 11 Crore houses will likely be required by 2022 at a rate of about 35000 homes everyday.
- 70 per cent of the urban housing need is in the affordable segment.
- 30 per cent of the housing need is concentrated in just two states.
- 70 per cent of the housing needs till 2022 should be concentrated in nine states.
- USD 2 trillion investment is possibly required to achieve the vision.
- 1.7-2.0 Lakh hectare land is likely required to meet urban housing need.
IMG CREDIT: https://home.kpmg/in/en/home/insights.html