A Legal And Economic Analysis Of The Indian Housing Crisis

Jagteshwar Singh, Maharashtra National Law University, Nagpur

Sonia Dhawan, Gujrat National Law University, Gandhinagar

ABSTRACT

“Housing is essential for both well-being and social and geographic mobility. In India, there is excessive demand for affordable housing with the increase of population. There is a significant shortage of housing because housing costs are high relative to salaries. Lack of housing makes it difficult for people to move to cities in search of employment opportunities, which limits labor mobility and contributes to unemployment. In this article, we will examine the housing crisis in India from an economic point of view. This Research Paper aims to deliver a thorough research on the housing crisis in India under the economic and legal lens which we perceive as a common man. The lack of affordable housing in India is a result of several factors. There is a significant supply-demand gap in the housing market, with demand far outstripping supply. Secondly, there are several structural issues in the housing market that contribute to the affordability problem. The government needs to take steps to increase the supply of affordable housing. This can be done by streamlining the regulatory environment, providing incentives for developers to build affordable housing, and investing in infrastructure to support new housing developments. a few examples of a step towards decreasing the shortage for low-income or EWS are the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, Pradhan Mantri Awas Yojana, the Smart Cities Mission, the National Housing Bank, SKS Microfinance, Atal Mission for Rejuvenation and Urban Transformation, judgment in olga tellis case, Jawaharlal Nehru National Urban Renewal Mission, etc. From legal to economic aspects, many factors are in play, including a shortage of affordable housing options, limited access to financing, difficulties acquiring land, rapid urbanization and overcrowding, and an inadequate amount of infrastructure and services. The implementation of legal reforms can significantly improve the land acquisition process, providing fair compensation to landowners while facilitating the access to financing for housing projects. By implementing these strategies to create more equitable and sustainable communities, we can effect positive change in India's housing crisis.”