The last ten years have been the game changer for Gurgaon. The city that was a land of rocky terrain, few villages and distinctive blue hued cows has emerged to be one of the most development oriented cities in India. The city that was referred to as a wasteland before 1980s has experienced more than 70% of its development in the last decade. And what a transformation has it been for Gurgaon. Gurgaon has become a city designed with a futuristic approach. This has been facilitated by the city getting flocked by MNCs and other major business giants. Much of this can be attributed to low land prices and creations of SEZs. Gurgaon has become an IT hub with avant-garde nerve centers like Cyber City.
But the city and the authorities need to gear up to handle an emerging scenario. The wide spread concept of urbanization has caused a paradigm shift. There has been a surge in the number of people migrating from rural dwellings to urban cities. As per statistics, about 1/3rd of Indian population will migrate to urban towns by 2020. Navin Raheja, President, National Real Estate Development Council (NAREDCO) believes that gurgaon being one of the most developed cities in Delhi NCR is bound to receive a huge influx of such migrations. And this would lead to an increase in demand for the affordable housings. He believes there are a few challenges to P.M Modi’s campaign of ‘Housing for All’. With the growing inflation and a barely stabilized economy, construction of affordable housing projects is a tough road ahead.
There has been a huge gap between the demand and supply for affordable housing projects. Navin Raheja, who is also the chairman of Raheja Developers, opines that this gap can be only bridged through Public Private Partnerships where the government devises a mechanism to cross subsidize the land and construction cost. He also suggests that retail loan interest rates be lowered for affordable housing projects along with construction funding at cheaper rates. A strong camaraderie between government, people and private players is needed to cater to this emerging need.