BRIC nations facing inadequate supply of affordable housing

MUMBAI: As government policies and resources have not been able to keep pace with the rising population and urbanization, BRIC nations such as Brazil, China and India are now facing inadequate supply of affordable housing.

While the affordable housing supply has failed to keep pace with the economic development, rising income inequalities and a tendency for housing costs to rise faster than incomes have posed major difficulties for younger and poorer households in finding adequate homes, according to the report, Global Affordable Housing Report: BRICS Plus Mortar. RICS, University of St. Andrews and NewHaven Research has jointly prepared the research report.

The report adds that policies in these countries have been demand focussed so far, with housing supply being sluggish, particularly in Brazil and India. This is a result of factors such as patterns of land ownership and speculation, lagging infrastructure provision, inadequate developer funds, and long delays in the planning system and excess demand facilitating corruption in some places.

The report suggest that policies so far have failed also because the focus has been on broad housing policy 'visions' at the national scale, rather than the feasibility of housing policies at a local level. As a result the report argues for decision-makers to adopt locally effective policies, recognized and supported at a national level and implemented at neighbourhood, town and city level.

Sachin Sandhir, managing director, RICS South Asia, said, "In all the three BRIC countries studied closely, housing remains high on most lists of basic human need and rights; rich and poor countries, all struggle to deliver acceptable and affordable housing for all of their citizens. Non-availability of affordable housing is as much a problem of the middle income groups as it is of the lower income groups. In their ability to find appropriate abode many across mid-income and lower income groups opt for sub-standard housing in the informal sector."

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