Affordable Rental Housing Crisis in Urban India
While some in society are able to purchase multiple homes, many others are struggling to afford rental housing in urban India. With returning workforces driving up rental prices, the masses are forced to live in illegal, cramped spaces at high costs. The government must act swiftly to produce more affordable rental housing options.
In the 1970s, India’s manufacturing boom led to mass migration to urban areas without adequate housing solutions. Today, the high cost of land has made it impossible for new employees in the manufacturing sector and gig economy to afford housing. With slums being cleared for upscale developments, the housing crisis is worsening.
One solution could be rent subsidies, similar to those offered in cities like New York. By incentivizing corporate housing, more affordable options can be created for low-income workers. Reviving housing development authorities in India may also help tackle the issue by making affordable rental housing accessible.
It is crucial for the government to address this issue to prevent widespread consumer discontent. Without viable solutions, the housing crisis in urban India will only worsen, impacting both urban and rural populations.
(E Jayashree Kurup is a writer-researcher in real estate, and Director, Real Estate & Cities, Wordmeister Editorial Services)
Disclaimer: The views expressed above are the author’s own and do not necessarily reflect the views of DH.