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The growth rate
of the country’s population is prodigions. The Indian population grows at a
every ten years rate of more than ten per cent, naturally needs to find a
corresponding number of new homes over and above the existing number of
residences of the previous ten-year period. In addition to the above core need,
at least ten per cent of the existing number of houses require the need for
reconstruction or replacement, to stand up to the changing tastes of youth who
inherit the elder generation's homes. These two factors are considered to be
favourable to the growth and sustenance of Realty Sector and constitute the
mainstay of Real Estate Business demand structure.
The second
factor makes very little demand for additional space. It creates only demand
for construction activity. Old buildings are extended within existing land area
or demolished and built vertically with more space added through the means of
enhanced FSI.
Obviously the
need of the increased population for housing units creates demand for new land
for construction. But the availability of land for new construction has been
shrinking over the past few decades, which forces the Governments to enhance
the Floor Space Index for construction in many major urban areas. To add to
this unavoidable phenomenon, Governments both at State and Central levels have
been voraciously gobbling up all available lands under the pretext of Economic
Development and Industrialization.
In the fond
desire of generating sustainable employment State Industrial Development
Corporations and others of the kind have taken away vast tracts of land out of
the market, for preferential allotment to Industries. In spite of such
supportive measures, an unconscionably high number of industrial units are
today lying sick, with the land and other resources invested in them becoming
unproductive. In addition, a high percentage of the developed industrial plots
are lying unsold with the corporations. If the prescribed price of the plots
for allotment of these plots, one will be wondering why these plots are
remaining unsold.
Even with a
conservative estimation, it could be said that thousands of hectares of
developed industrial plots in most States are lying unsold, despite the fact of
ridiculously low prices at which these are proposed to be sold.There is
something that does not meet the naked eye behind this queer phenomenon. There
is a strong case for moratorium on further acquisition of land for
industrialization until all the idle plots are allotted to deserving units.
Then we are
witnessing there are the lands acquired for Special Economic Zones and Port
Development. The special economic zones have run into a total failure.
Everywhere there are erupting agitations against new land acquisitions.
Cumulatively, all these factors join together effecting in the reduction of
land available for the growth of new construction on the housing sector. Some
serious steps need to be taken to address concerns of the citizens about land
for their essential housing needs, which remain one of the three basic
requirements for any human being.
The practical
measures as mentioned above could well create a favourable situation of easing
out the problem of land availability for new construction. The Policy makers
while examining and formulating policy options, should keep in their minds the
interests of the small dealers and facilitators. Adequate reserve land should
be kept for the expanding growth of housing units which has to match the
increasing population. This will forestall the future problems.
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