Real estate in India has been booming since the advent of digital transactions, with prices rising at a pace that rivaled the global market.
But in an economy where many people work for the state and are left to their own devices, there is a need for the government to make sure that people have access to affordable real estate.
So far, the state government has failed to provide an effective plan to address the issue.
In a new study, an organisation called Rishikesh Housing Services has asked the state to take a “more proactive approach” and develop a land acquisition policy.
It has asked that land be acquired only for the purpose of building new homes.
In an interview with Business Standard, Rishishikashan chief executive, Rishi Chaudhary, said: “We have a huge demand for real estate in the country, especially in the north and west.
We need to provide affordable housing to people.”
The survey, commissioned by the Centre for Urban Development, was commissioned to assess the need for a comprehensive real estate policy and provide advice on the best ways to address this issue.
While many states have developed their own plans for land acquisition, the survey asked about the best and most efficient way to implement them.
Rishikeesh Housing, which was started by Rishi Shinde, is a partnership between the Planning Commission of India and the Urban Development Board of India, the central agency tasked with urban development in the state.
Its mission is to create a “national network of housing providers” across the country and to promote the development of urban housing in India.
According to the report, the total number of houses purchased in the past two years is only 10.4 lakh, a fraction of the more than 1.4 crore homes that have been sold in the last 20 years.
According the report the average house price in the five largest states in the world was Rs 9 lakh, while the average price in Gujarat stood at Rs 12 lakh.
A house in Gujarat has a land price of Rs 3,500 per square metre.
In Maharashtra, the average land price was Rs 8.4 per square meter, while in Goa it was Rs 11.7 per square metres.
The state with the highest land prices is Maharashtra, with the average value of the land being over Rs 8 crore.
The report states that in rural areas the land acquisition has been “less efficient”, while in urban areas it is “much better”.
While the survey found that only 10 per cent of households in the capital Mumbai had a house, the report stated that a large part of the population lived in apartments.
It added that more than 60 per cent households in Mumbai did not own a house and were relying on the government for their needs.
It also stated that the average household size in Mumbai was 8.1 people.
The survey also said that around one-third of the houses in Mumbai are owned by women.
The study pointed out that the number of people who have been evicted in the city has doubled over the past 20 years to 1,600, which is almost double the number who have moved out of the city.
It pointed out a high number of vacant houses in the urban areas, with an average of 7,000.
According a study by the National Institute of Public Finance and Policy, India is home to around two-thirds of the world’s millionaires.
Rishi said: We want to build a national network of the most efficient and effective real estate acquisition strategies.
It will give us a real opportunity to address some of the underlying problems.
“We hope the government will act on the recommendations and take steps to provide more affordable housing in the cities,” he added.
The government should take a more proactive approach to provide land for the construction of affordable housing, said Rishi.
He also noted that the government could provide better support to local bodies that manage housing.
The real estate sector in India is one of the largest in the developing world, accounting for a whopping 40 per cent share of total private wealth, the latest survey showed.
The sector has also attracted investment from foreign investors, as the country has an export-driven economy.
A report by IHS Global Insight, a consultancy firm, in 2016 found that real estate has become one of India’s top three sources of growth for its foreign exchange reserves.
In addition, the sector accounts for about 14 per cent to 17 per cent (and even less in some cases) of all new residential real estate investment.
Raghu Chand, chairman of the Rishika Housing Services board, said the sector has been growing in India for decades, but that there were gaps in the real estate market.
“There was no awareness in the population that there was a housing sector,” he said.
The housing sector is a “market inefficiency”, said Rishiker.
He said the government has a “toxic problem” of