New Delhi [India], December 4 (ANI): As mobility increases among the youth in pursuit of economic opportunities, the country must adopt a new paradigm–‘from housing to habitation’–to address their real-time needs, facilitate seamless mobility, and explore innovative models where land costs do not hinder accessibility, said Srinivas Katikithala, Secretary, Ministry of Housing and Urban Affairs.
Speaking at the CII Conference on ‘Indian Housing Landscape: Affordable to Accessible’, held in New Delhi on Wednesday, he remarked, “Most of our population is mobile today, and jobs are mobile. How can housing be made available to our people, especially the youth, on a real-time basis? For that, we need to transition from the concept of housing to habitation.”
Katikithala emphasised the need to move beyond asset ownership and explore innovative models like ‘rental’ or ‘sharing’ to ensure accessibility while enabling mobility.
“The ability to move from one urban place to another for economic opportunities hinges on mobility. Without mobility, access to opportunities is also constrained,” he noted.
“Land today is a factor of construction, cost, and asset. How can we remove land from the equation? How do we make land available at a manageable cost to significantly reduce the product’s price? This is a line of thinking we are introducing within the ministry,” he added, urging the industry to develop models that enhance population mobility and make habitation accessible.
Kuldip Narayan, Joint Secretary, Ministry of Housing and Urban Affairs, expressed optimism about the adoption of energy-efficient homes in the near future. He likened this concept to purchasing refrigerators, where energy efficiency is indicated during and after construction.
Highlighting the challenges faced by those at the bottom of the pyramid in accessing affordable housing, Chittaranjan Dash, Principal Commissioner (Housing), DDA, shared, “We are pleased to hear that the Department of Financial Services (DFS) is working on a product to cater to the informal sector. Recently, we asked JJ dwellers whether they would be interested in taking loans to buy affordable housing in Delhi if financing from banks and an interest subsidy were provided. Unfortunately, even with interest subsidies, they lack the financial capacity to buy homes.”
He noted that the sales of low-cost homes were higher in areas with improved road connectivity and transport options.
Vipul Roongta, MD and CEO of HDFC Capital Advisors, highlighted the impact of inflation on affordable housing and suggested that the definition of affordable real estate should account for this. “Value homes need to be well-positioned to meet people’s aspirations,” he added.
Addressing the challenges of rapid urbanisation, Neel Raheja, Chairman of the CII National Committee on Real Estate and Group President of K Raheja Corp, stated that affordable housing encompasses not only homes but also essential infrastructure such as water, schools, and other soft infrastructure. He stressed the need to ensure cities remain sustainable. (ANI)
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