Source: The Hitavada      Date: 27 Aug 2017 09:49:29

THE decision of the Government to invite global companies to build affordable houses for poor families is welcome as it will give a further boost to the ambitious scheme, the Pradhan Mantri Awas Yojana, launched by the Prime Minister Mr. Narendra Modi. Affordable housing scheme is receiving an encouraging response, even though the realty sector is facing a slump. This is because the scheme has brought within reach the dreams of millions of people to own a house. The prices of dwelling units have gone through the roof. It has become extremely difficult even for middle class families to buy a decent two-bedroom house. The affordable housing scheme has, therefore, come as a boon for the poor. The icing on the cake is that the Government is providing a hefty subsidy on the price of affordable houses. The scheme is also proving to be a boon to the realtors who are facing a sharp decline in sale of flats across the country.

Quality, cost and construction time required for building a house are of prime importance for any buyer of a new house. This is because, savings of his entire life goes into buying a house. Obviously, the sooner the owner gets the possession of his house is better for him. Therefore, the decision of the Government to invite global companies in cutting construction cost of affordable houses is most welcome.

Construction industry has also undergone a technological transformation, keeping pace with other industries. Modern machines and new methods are being adopted to speed up construction of buildings. A Chinese firm holds a world record of constructing 57 storey building in 19 days. Another construction company has built a 10 storey building in Mohali, Chandigarh, in 48 hours flat. And both the firms have claimed that their buildings are safe to live.

Niti Aayog CEO Mr. Amitabh Kant, who advocated use of latest technology in affordable housing sector, has rightly pointed out that the rate of interest is so high that houses will never be affordable if they are built in three years. It must to cut to 18 months at the most. For this to achieve, it is necessary to open the doors to global construction firms.