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The term affordable housing is quite generic. What is affordable for one might be a dream for other. In India, there are people with diverse income groups which is why defining affordable housing here is a difficult task. At every square meter of the country the dynamics of the market change.
Affordability in housing can be contained in three parameters, first is the level of income then the size/ area of the house and then comes the affordability factor. The last parameter is dependent on the buyer’s income and price of the property he is interested in while the first two parameters stand independent of each other.
The ambitious plans of the government to provide ‘Housing for all’ is a step bridging the two ends. It is basically the high inflation rates as well as higher interest payments that affect the home buying capacity of the first time buyers. The need of the hour is to focus on the availability of affordable housing to the economically weaker sections and low income groups housing segments.