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As Asia's third-largest developing economy, our country finds itself in a unique position. The current government, with its emphasis on business and growth for the nation, is eager to implement critical reforms for reviving growth. As India strives for long-term growth, the real estate sector will become increasingly important. Rapid urbanization and rising occupier demand are expected to drive real estate demand in the country.
India's population was 1.2 billion in 2011, with an addition of 180 million in the previous decade. During 2001-11, the urban population grew faster than the rural population, possibly for the first time in Indian history. These rapid changes happening in quick succession make affordable housing an imperative requirement, especially on the urban front. Here are a few of the reasons why affordable homes are important in India.
Migration is the primary driver of urbanization. The attraction of cities for their employment opportunities; better standard of living, better educational facilities, infrastructure, need for status, and so on, stimulates the influx of population into urban areas. And, with the advancement of sophisticated technology, as well as improved infrastructure, communication, and medical facilities, people believe they can live comfortably in cities such as Gurgaon and Ghaziabad.
Over 2001-11, the country's urban population increased at a compound annual growth rate (CAGR) of 2.8 per cent, raising the country's urbanization rate from 27.8 per cent to 31.2 per cent. 2. Out of India's 1.21 billion population, 377 million people live in cities, and with more than 10 million people moving to cities each year, the country's urban population is expected to reach 600 million by 20313. Furthermore, the rate of urbanization is expected to increase at a CAGR of 2.1 per cent between 2015 and 31 - double that of China.
According to the 2011 Census, nearly 65.5 million Indians live in urban slums, reflecting the country's disordered urbanization. Furthermore, according to the World Bank's Agglomeration Index, a globally applicable alternative measure of urban concentration, 55.3 per cent of India's population lived in areas with urban-like characteristics in 2010. This compares to an official urban share of the population of just over 31 per cent, implying significant hidden urbanization. Slums and sprawl are prevalent as a result of this haphazard process, while sprawl, in turn, contributes to hidden urbanization, especially on the outskirts of major cities, which is not captured by official statistics.
Affordable homes not only meet a basic human need for shelter but also benefit the well-being of both parents and children. According to studies, children who live in stable housing perform better in school and are less likely to experience disruptions in their education as a result of unwanted moves. Adequate housing reduces stress, toxins, and infectious disease, resulting in better physical and mental health.
Affordable housing also frees up funds in families' already-strapped budgets for health care and food. Living in decent, affordable housing also means less stress for parents because there is less fear that high housing costs will lead to foreclosure and eviction; this, in turn, leads to fewer physical and mental health problems and lower job absenteeism.
Affordable property in Ghaziabad improves residents' quality of life by resulting in better health, adequate employment, financial stability, security, and population diversity. The effects of affordable housing on residents are profound, and they have the potential to transform communities, particularly when projects are designed with an urban plan in mind.
Teachers, cops, nurses, firefighters, and other key service providers are drawn to the community by affordable, high- quality housing. Transportation options allow residents to search for and find jobs in areas that are convenient for them, providing job security, improving their financial situation, and removing the need for cars. In contrast, access to essential products and services, as well as employment opportunities, is provided by commercial spaces.
Affordable housing can attract and retain employees in your community, which can be a selling point as well as a competitive advantage for local employers. Flats for sale in Ghaziabad also benefit the local workforce by allowing them to live close to their places of employment. Shorter commutes allow workers to spend more time with their families while reducing traffic congestion, air pollution, and road expenditures benefit the community.
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Guided by absolute commitment, customer focus, innovation and professional expertise gained over the years, Nilaya endeavors to emerge as one of the key players in real estate construction and development in India.
The Nilaya Group's mission is to deliver best quality infrastructure in the minimum possible cost to the customer. With this commitment, the group aspires to significantly contribute towards improving the quality of life of its customers, via strengthening and expanding its established position, thus becoming the first choice for existing and prospective clients.
We strive to provide value for money to customer, by timely delivery of quality homes at reasonable prices, through transparent and ethical policies and procedures, as a part of our commitment to the national mission of providing homes to millions of people.