Housing for All has a mission of providing homes to everyone. However, affordability of an own property is not a cake walk for most of the Indian population. And that is exactly where rental housing can play a pivotal role.
In the coming 10 years, rental housing is expected to emerge in a big way like never before. While living on rent is not a new concept in India, the segment is largely unorganized and devoid of any regulatory body.
As per Niranjan Hiranandani, co-founder and managing director of Hiranandani Group, as well as national president of National Real Estate Development Council, the government is determined to bring order in rental housing and will create a rental housing policy quickly.
“The government is going to come up with that,” DNA quoted Hiranandani as saying. “We have already had a chat with the government.”
Walking on the lines of commercial real estate, wherein nearly 70 percent of the properties are on a rental basis, the residential market is soon expected to see a boom of rental segment.
As per the NAREDCO chief, in the next 10 years, at least 50% of all the housing stock created will be on a rental housing basis.
The idea of homes being made and provided on rental basis is a very new concept in India. However, the concept is well-accepted and popular in most of the developed countries including America, Russia or China. Like, in US, about 50% of houses only for rental.
“In India, the government said they want ‘Housing for All’, but they have presumed that it will be on an ownership basis. It’s not needed.”
In fact, one of the prime measures need to be taken up by Modi 2.0 government is said to be to encourage builders, developers and entrepreneurs to set up platforms for rental housing and co-living.
