A recent article in the Investor brought up that affordable housing in India is set to see increased funding. The finance department is going to create a fund that will be for affordable housing construction. The government is making a concerted effort to increase the amount of housing for those in lower income brackets around the country.
The government has pushed this housing agenda ahead for the last 3 years and included in the program is infrastructure improvement. The money will be used to help banks and companies that give funds for affordable housing.
This shows a real willingness for India to start providing higher quality affordable housing in a country that has a severe shortage and tons of slums. This will open up funding and opportunity to a part of the housing market that has not really received much in the way of investment and energy.
Many believe that this new affordable housing strategy can also help spur the economy in the country. Providing housing can help raise up the middle class and create stronger economies. A massive housing project could also spur development and create thousands of decent paying jobs in the construction field.
It will be interesting to see if this new path in India makes a large difference in the slums and economy.