Every citizen aspires to own a home in modern times. Motivations that animate such actions may include asset creation, the imperative to raise a family, and the drive to improve his or her socio-economic status in society. However, owning a home remains an expensive proposition in most countries of the world. The high cost of building materials and the lack of significant innovation in the housing sector pose major impediments to achieving the dream of affordable, universal housing.
- A sensible harnessing of the five Ps (Planet, People, Public & Private Partnerships) can help the real estate industry solve the problem of housing affordability. Industry leaders and governments can work in tandem with the principles that underlie community thinking to create adequate physical and non-physical housing infrastructure. Actors in this project may need to intervene to bring about changes in housing legislation and reduce malpractices to a minimum in the housing and real estate development sectors. In addition, they must embrace a holistic approach to the problems while bearing (economic, social, environmental and cultural) sustainability in mind.
- Technology will play a key role in promoting mass affordability in housing. The use of appropriate technology may help to eliminate key problem areas that plague the global housing sector. For instance, technology will play a bigger role in reducing cost/time of housing construction. However, this also presumes that major stakeholders will champion the cause of technology as part of concerted attempts to decimate the systemic deficiencies that plague the housing sector. Eventually, the judicious use of technology platforms and tech-driven initiatives may allow mass production of affordable homes and houses on a sustainable basis. Evolving technologies like 3D printing, BIM, and Adidas may help the real estate industry to drive the affordability factor. Check the new projects in Mumbai to book your home.
- In addition, citizen-driven approaches will make important contributions to the journey of attaining the dream of universal, affordable housing. The voice of the average citizen should guide actors and stakeholders to modulate the future of the real estate development industry. Industry experts can help to frame new guidelines for high-density affordable housing that leaves a minimal footprint on the natural environment. Further, capital efficiency and re-thinking home construction design may spur the drive toward affordable homes, as will value engineering and other tools that cut costs through the project life cycle.
- Home builders must deploy innovation in their funding strategies to help realize the objective of universal housing. New financing techniques such as crowd-funding and public-private partnerships may play an active role in driving affordability in future housing projects. National governments and local administrations must work to promote the use of such innovation as part of efforts to drive the project of affordable housing.
A multi-stakeholder approach will drive the best outcomes when we consider the project of developing affordable universal housing. Visionary system leaders that see the big picture will be able to steer the various aspects of this project through well-thought strategies and actions. Talk to the experts to know more about the new projects in Mumbai.