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Millions of Vacant Houses in Urban India

We are well aware that the ‘construction’ projects are picking up real fast in and around the Urban India however, it is a bit strange to realize that most of the completed properties are still left “vacant”. According to a report by CBRE, there are close to 10.2 million housing units lying vacant in Urban India in parallel with the shortage of 19 million units from the economically weaker section. A sad state!

 

CBRE South Asia Chairman and MD, Anshuman commented that, ‘Primary reason for this supply-demand mismatch is the paucity of formal housing options for low-income population with low affordability levels. The lack of access to formal credit along with high priced home loans and debt, leave them with little more than squatter colonies, urban slums and unauthorised settlements by way of affordable accommodation options.”

This is a miserable situation where the economically weaker sections of the society even lack the basic housing facility and the wealthier groups are not just comfortably living in their houses but also have a variety of housing options to choose from. Many of the industrialists and businessmen own multiple spare houses as vacation homes, investment properties or just for family gifting purposes. This is also no less than hoarding. Surely, there is lack of governance from authorities and self.

It is sad to realize this state…where there is water water everywhere but not a drop to drink!

Sources: NDTV, CBRE

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