By Agnelorajesh Athaide,
Chairman of Global St. Angelo’s Group of Companies
From the past till today, the issue of affordable housing is still a pressing concern for communities
worldwide. With rising urbanization, population growth, and income inequality, the need for accessible
and affordable housing is still critical. Affordable housing refers to those housing that are priced at such
a level which will be affordable and accessible within the financial reach of low to moderate income
individuals and families. It is an extremely essential component of any thriving community, as it not only
provides shelter but also contributes to social stability, economic growth, and overall well-being. People
must come together to address the housing crisis and ensure that everyone has a safe and affordable
place to call home. Affordable Housing plays a significant role with an expected growth in the Indian
Real Estate sector of touching $1-trillion mark by 2023. “Affordable Housing” is expected to contribute
significantly towards India’s GDP growth of over 8 percent per annum according to the report by
National Institution for Transforming India (NITI Aayog). The Indian Real Estate sector is playing a
significant role with Affordable Housing which expect to touch $1-trillion mark by 2030.
One of the main reasons why affordable housing is the need of the hour is because of the widening gap
between the high housing costs and the income levels. In many urban areas, the skyrocket cost of
housing has made it difficult and unaffordable for a significant portion of the population. This is leading
to overcrowding, homelessness, and a host of social issues. By providing affordable housing options, we
can alleviate these problems and create more inclusive and sustainable communities. Moreover,
affordable housing plays a vital role in reducing poverty and inequality. When individuals and families
are burdened up with skyrocketed housing costs, they are left with insufficient fund for other basic
necessities such as food, healthcare, and education. This gives rise to a cycle of poverty and limits
opportunities for upward mobility. By ensuring that houses are affordable, we can help to break this
cycle and create a more equitable and happy society.
Construction of houses also has numerous economic benefits, as it stimulates local economies by
creating job opportunities in the construction industry and supporting related sectors such as
manufacturing and retail. Additionally, when people have affordable housing, they have more
disposable income to spend on goods and services, further boosting the economy. It also attracts
businesses and skilled workers to an area, contributing to overall economic growth and development. To
address the affordable housing crisis, various strategies and initiatives can be implemented. These
include increasing the supply of affordable housing through public-private partnership, implementing
rent control measures, providing subsidies or tax incentives to developers, and promoting mixed-income
housing developments. Policymakers, and communities need to work together to implement effective
strategies which includes increasing the supply of affordable housing through the construction of
subsidized housing units, encouraging the private sector to invest in affordable housing projects, and
providing financial assistance to low-income individual and families of the society.
Furthermore, it is crucial to prioritize the reservation of existing affordable housing units. Many
affordable housing projects are at risk of being converted to market-rate housing or demolished due to
various factors such as gentrification and neglect. To prevent the loss of affordable housing,
governments should implement policies to protect and maintain these units, including rent stabilization
and rehabilitation programs.
In conclusion, the need for affordable housing is evident, and it is not just a matter of shelter, but a
fundamental human right. It is essential for poverty reduction, social inclusion, and economic growth. By
addressing this issue, we not only provide shelter and security for those in need but also foster social
cohesion, reduce poverty, and promote economic growth. Affordable housing is not just a necessity, it is
a fundamental right that should be accessible to all. Communities must recognize the urgent need for
affordable housing and take proactive measures to ensure that everyone has access to safe, decent, and
affordable housing options. Let us join hands and work towards creating a society where everyone has a
place to call home.
