Affordable housing

Affordable housing is a term used to describe dwelling units whose total housing costs are deemed "affordable" to those that have a median income. Although the term is often applied to rental housing that is within the financial means of those in the lower income ranges of a geographical area, the concept is applicable to both renters and purchasers in all income ranges.

The new age real estate developer has envisioned a dream — a dream of housing every family in the country. ‘Affordable housing’ is a term that posses the potential to transform this dream, also harboured by millions of households, into reality. Affordable housing includes value housing, which is the need of every middle class family, as well as low income housing, where the most significant need of India lies.

Over a billion people around the world live in appalling conditions. In India alone, about 100 million people live in slums and slum-like conditions without adequate basic facilities. These numbers are expected to touch 200 million by 2020. If the current trend continues, the number of urban dwellers will reach almost 5 billion by 2030. In India, the urban population is expected to reach 576 million in 2030 from the current 328 million. With this rapid urbanisation, one of the biggest challenges will be providing affordable housing to city dwellers, especially the poor.

Government bodies should also seek support from NGOs and other civil society organisations in planning houses for the poor in terms of design and facilities. They can ensure the involvement of the urban poor in housing and resettlement efforts so that the plan is developed by those who have to be settled and relocated.

For example, the National Slum Dwellers Federation works actively with the Mumbai authorities to develop and implement the resettlement plan and ensure that the most vulnerable are not missed out. They map each household and issue identity cards to each member of the household. This ensures transparency in the rehabilitation efforts.

NGOs can also play an important role in loan recovery by encouraging and facilitating slum communities to save part of their earnings in recurring deposits and by making microfinance available to them. Facilitating such regular savings helps the more vulnerable families to benefit from such housing schemes.

Finally, it is also important to look for new methods of land use planning and management factoring in the population growth projections. We can nurture more middle-level cities to offload mega-cities to some extent. These middle-level and smaller cities need development focus, infrastructure investment and political attention in order to "prepare" them for any such role.

By Nilesh Shah

Real Estate, Future?

Will property prices in India fall? This is one question every one has been asking, as its answer will eventually decide whether you are going to invest in the real estate in India now or you will rather wait for the property prices to fall.

According to the Investment Gurus and real estate experts 'there is a definite boom in the real estate market in India and that's why many people are going for investment in the real estate in India. According to market experts, Indian real estate market has got a tremendous potential and it will surely be riding high in the coming years.'

At present, banks are going slow on funding a real estate project, the prices of land, materials and labour have increased and apartment sales are dull. In short, property developers are in a cash-tight situation. Does this imply that in times to come, small and mid-size developers and their small projects will find it difficult to survive and only big developers with large budgets, brand names and mega projects will exist?

A recent survey has revealed that, India stands on the fourth position among the top four Asian destinations for foreign direct investment. India being the largest democracy with excellent democratic governance and transparent property laws attracts more people for making the investment in the property and real estate market than any other country in the region.

By Nilesh Shah

What is Service Apartment?

A service apartment is a type of furnished, self-contained apartment designed for short-term stays, which provides amenities for daily use.

This is a new concept in India but the western countries have already welcomed it. Five Star Hotels brought this style to clients who would stay for a long period. They realised in the beginning clients loved the luxurious service but after a month they longed for their home. Thus a serviced apartment would offer most of the aspects of your home. Making you feel at ease, as though you were at home.

Many corporates who travel to other states or countries find it difficult to adjust to the new culture and setting. For sometime the hotel service is welcome but later you long to dwell your own style.

Reason why service apartments were brought into being. You cook and eat and live the style you want. You are even provided with a maid/manservant who will get you groceries or any other requirement. Making it just the way it would be at home.

Nowadays Indian immigrants coming to India to settle opt for this type of apartments. As they hunt for a new house they accommodate themselves in comfort in a service apartment. So they do not have to compromise on their lifestyle or go through the hassles of shifting in a rented home with zilch amenities then shifting out.

The service apartment is made to look and feel exactly like a home. Every room is furnished with a television & music set, microwave and other electronic goods. Moreover some hotels also provide you with magazine and shoe racks. Cleaning is done everyday. However a senior hotel manager mostly accompanies the cleaning staff so that they are never alone in the room.

The tariff charge depends on how long is the stay. It is less expensive if the person has a prolonged stay. It can be bargained if the stay is for a month or even more for a year. A service apartment generally provides you with an AC furnished flat, equipped kitchen, TV, fridge, washing machine, landline, internet, power back-up, fire safety & security and some even provide you with a locker. However before booking the apartment always make sure what is inclusive and what is exclusive. For instance who will pay the electricity, maintenance. Hence make sure what are you paying for.

By Priti Shah

How to buy a flat? – Introduction

For most people, buying a flat is one of the biggest buys they make in their life. It involves a huge amount of money. When you put in so much money, you want to be sure that you are making the right decisions and not doing anything wrong. That is exactly what this article will help you with.

The actual process of buying a flat is not very complicated. Even if you do not understand it, your seller will be more than happy to explain each and every thing to you. The difficult part is, knowing that you are not being "fooled" or "conned" by someone. This guide will give you all the possible tips and tricks you should keep in mind so that you can make your decision wisely. We hope you find it helpful.

Choosing the location of your flat, you must consider these questions:

· Is there a “daily market” from which you can buy fruits and vegetables near-by?

· Is there a doctor’s clinic or hospital nearby?

· If you and your family relies on public transport, is there a buss stop, railway station etc. close-by?

· If you have small children, is there a playground, park, garden etc. close-by?

· What about post offices, banks etc.?

· Does the area have proper drainage, sewage and water supply?

· Is there a regular system for garbage disposal in your area?

· What about schools, collages, offices? How far are they from the location?

· What will the daily transport cost be?

· What is the pollution and noise situation in the area?

· How is the neighborhood? Is it a safe place to raise children?

By Chetna Desai