What is considered affordable housing in India?

if the price of the housing unit is ₹45 lakh or below and the carpet area of the unit is 60 sq meter or below, then the housing unit will qualify as an affordable house in any of the metropolitan city.”

What is the meaning of affordable housing?

Definition: Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income. Affordable housing becomes a key issue especially in developing nations where a majority of the population isn’t able to buy houses at the market price.

What is the scope of affordable housing in India?

The scope and definition of ‘affordable’ is however, subjective as per the prevalent housing affordability index in a particular country. In India, affordable housing is basically a reference to housing units that are affordable to that section of society whose income is less than the median household income.

What do you mean by affordable housing?

Affordable housing refers to housing units that are affordable for those with income below the average household income. In India, affordable housing is provided for low income people, middle income people and economically weaker sections who have considerably low levels of income (urban areas).

How do you define affordability in India?

In India, it is appropriate to define affordability in housing as being a function of three broad parameters – the monthly household income (MHI) of prospective buyers, the size of the dwelling unit and the affordability of the home buyer (the ratio of the price of the home to annual income or the ratio of EMI to monthly income).*

How to cater to the rising demand for affordable housing in India?

As a result, it becomes the increased responsibility of the government to cater to the rising demand for affordable housing. The Government of India has taken various measures to meet the increased demand for affordable housing along with some developers and stressing on public-private partnerships (PPP) for development of these units.