marksmendaily.com-India’s Silent Housing Crisis: A Real Estate Boom That Leaves Millions Behind Published 16 hours ago on
The gleaming glass facades of luxury apartments in Mumbai’s skyline tell only half the story of India’s real estate market. Behind this veneer of prosperity lies an uncomfortable truth: millions of middle-class Indians are being priced out of their dream of homeownership, creating a silent crisis that threatens the nation’s social fabric.
Dr. Niranjan Hiranandani, Chairman, NAREDCO, underlined the need for a holistic solution to the challenges of affordable housing. “The affordable housing segment is currently experiencing negative growth. We urge an escalated flow of funds to reinvigorate this crucial sector, thereby promoting inclusivity and sustainable urban development.
Rectifying this calls for a change in policy as highlighted by Jay Morzaria, Director – Vraj Group and National Chairman – NAREDCO Nextgen. “To promote affordable housing, specific policy changes include subsidized land costs, increased Floor Space Index (FSI)/Floor Area Ratio (FAR), reduced GST rates on construction materials, and substantial reductions in premiums for projects with small-sized flats. These measures aim to lower development costs and improve project viability.”
