“India urban housing shortage to touch 34 million by 2022”

To own a house in Delhi has been a biggest dream for Prakash. He migrated from Rajasthan 30 years ago in search of work and better living; but with the passage of each year his dreams have shattered as he continues to live in slum along with his family. He says it’s impossible for him to buy a house in Delhi since rates are so high that they can only dream about it.

Reports suggest around 17% of India’s urban population, that is more than 65 million people – still lives in slums and that the numbers have doubled over the last three decades.

According to a recent study named Indian housing industry; the shortage of urban housing across India will increase to an estimated 34 million units by 2022, which stood at 18 million in 2012.

The report attributed migration, rising population and rapid urbanization behind the surge. Experts say urban housing sector in India faces a number of challenges like lack of dedicated financial mechanism, lesser profits and improper utilization of land.

Cities like Mumbai, New Delhi, Kolkata and Chennai are bursting with migrants seeking better jobs and they often end up in illegal settlements which lack basic facilities. While urban India has attracted investment as a result of strong growth in economy, its cities are still failing to deliver basic standards of living. In recent months Prime minster Modi has announced “Housing for all” scheme by 2022 but experts call it a distant dream.