Today, the concept of affordable housing gained ample prominence globally. Several governments and other higher authorities are currently taking the necessary actions to offer the workforce population low-cost housing. Usually, the workforce population is constantly searching for affordable housing.
This is because their reduced income isn’t sufficient to cater to the gap that exists between the demand and supply of affordable housing. As a result, the concept of affordable homes is something that both developing and developed countries need to work for.
Maxwell Drever says, that if you chance upon the current surveys, then you will find that over 80% of the workforce population are struggling with low-cost homes. And the reason for this is that the private sector isn’t taking part. All through the years, the government has taken ample initiatives through policies for restricting the problem. But if you look closely, you will realize that the need of the situation zeros down to a private and public partnership to manage this issue.
A few important factors to consider
Many people think that affordable housing investment will not yield good results. But if you take a look at the government assessment, you will find that this segment is emerging fast. Also, there are various scopes for making money here. Today, the governments have introduced multiple policies to assist the private sectors in addressing this workforce population problem. As a result, several relaxations got introduced to prevent the issue from worsening.
- A distinct definition – The definition is the biggest problem! Today, most governments have introduced a distinct definition of the term affordable workforce housing. And that has played an important role in clearing certain doubts that people had about this segment.
- Easing of the development rules – A good step that the government has taken is to relax the regulations and rules. They enable proper plot allocation so that the housing development doesn’t incur any issue. It plays an important role in the low-cost housing segment. Also, the government is assessing master plans and are making ways for it all.
- Land availability – The other area that requires correct focus is land availability. Most people think that the absence of land can be one of the major issues for low-cost housing. But today, the government has come up with multiple regulations and rules for enabling the private sectors to get the land and commence the housing projects.
- Infrastructure upgrade investment – Having access to the land is not the end goal. The primary target here is infrastructure upgradation. And here Maxwell Drever thinks that such projects are attempting to create a habitable and vibrant community by creating ways for important social infrastructure provisions and connectivity.
Last but not least, several private and governmental companies today have introduced microfinancing schemes. Today, the government has come up with various relaxations concerning registration charges and stamp duties. It helps people to take on these projects easily. Therefore, people are taking ample steps for the effortless construction of low-cost houses, making use of the new-age technology. It’s going to be a collaborative initiative of the private and public sector. That is going to create a world of difference.