Introduction
Housing is important for economic growth. It can boost local competitiveness and economic performance but also result in segregation and geographic concentrations of poverty. But too frequently, housing investment has happened independently of the larger economic situation. The government’s plans for housing growth offer a chance to enhance housing’s role as a catalyst for economic development, but housing policy will need to be more sensitive to regional conditions for economic development.
The housing market is frequently used as a gauge for the health of the economy, and this is undoubtedly the case right now. However, the connection between housing and economic performance occurs on a number of spatial scales. The kind and calibre of housing available can greatly impact a place’s prosperity and health.
While these are broadly accepted outcomes throughout the affordable and public housing projects in most major cities, ignoring the underlying procedures and frameworks required to guarantee successful outcomes is typical. Adopting an integrated master-planning strategy is one such principle. This entails considering the long-term housing demand in your city as well as the changing demands of the populace, such as ageing in place. It also entails identifying new growth zones as part of comprehensive city planning, which will enable sustainable flexible affordable housing systems. India’s dynamic economic, social, and topographical qualities present special housing construction issues for cities like Calcutta, Jaipur, and Mumbai. The economics of housing development in major cities are examined in this article.
Government initiatives and measures
The government’s participation is crucial in determining the housing market and ensuring that all facets of the population have access to affordable housing. Housing for the poor and low-income groups is a goal of policies like the Pradhan Mantri Awas Yojana (PMAY), however, how well they are implemented and effective varies across cities. Additionally, laws governing land use, building licenses, and property taxes can have a big impact on the choices made by developers and the cost of housing.
Regulators face difficulties in limiting speculative activity leading to policy obstacles. While market instability and distortions might result from speculation, some degree of investment is necessary for the expansion of the real estate industry. Policies must find a balance between promoting investment and discouraging overly speculative behaviour. This could entail taking steps like enacting stricter lending regulations, raising taxes on brief property sales, or banning foreign participation in the housing industry.
Housing costs, market stability, and the state of the economy as a whole can all be impacted by speculative activity in the housing market. When capital gains are the only motivation for an investor’s actions, the housing market may experience artificial price explosions and distortions. Authorities must take a comprehensive approach that prohibits excessive speculation while promoting real investment and homeownership in order to foster a healthy and stable housing market. For urban development and to guarantee that housing fulfils its basic function of providing shelter for the populace, a tightly monitored and balanced housing market is necessary.
Case Studies
Calcutta
The Topsia neighbourhood of Calcutta is home to the mixed-use Topsia Heritage Housing Project. The project is located close to the city’s centre and has excellent access to important transit hubs. The project’s main goal is to revitalize a historic district while providing housing options for people of diverse economic levels, including affordable housing.
Due to its near proximity to the city’s centre, the Topsia Heritage Housing Project offers inhabitants quick access to necessary facilities and services. Additionally, its close proximity to important transit hubs, like bus and train stations, guarantees great connectivity to other areas of Calcutta and makes everyday commuting hassle-free. A sense of community and social contact are fostered by the project’s thoughtful layout, which features lush landscaping, outdoor spaces, and community centres. Additionally, the development encourages environmentally friendly practices and public transportation, hence lowering the community’s overall carbon impact.
The Topsia Heritage Housing Project is a wonderful example of how urban planning can successfully balance the requirements of a varied population with the preservation of heritage. The initiative has been successful in building a thriving, inclusive, and sustainable community by revitalizing the Topsia neighbourhood and offering housing opportunities for people from all economic strata. This mixed-use development will serve as a model for future endeavours, demonstrating the value of careful planning and compassionate design in creating a better city for all of its inhabitants as Calcutta continues to develop.
Jaipur
Jaipur, which is renowned for its magnificent buildings and tourism potential, has experienced increasing urbanization recently. The essay will examine how tourism affects housing demand and how the city’s housing market adjusts to the influx of visitors and immigrants. There will also be a discussion of government programs to support sustainable urban development and housing for those in poor areas. A real-world example of how transport infrastructure projects can affect housing demand and the city’s housing market in reaction to rising urbanization and tourism is the construction of the Jaipur Metro.
The city of Jaipur’s rapid transit system, Jaipur Metro, which connects the main parts of the city, has greatly increased accessibility and connection. As a result, both visitors and immigrants who are looking to buy a property are greatly attracted to the neighbourhoods close to metro stations. Due to increased convenience and quicker access to commercial centres and tourist attractions, the improved connectivity has made these areas desirable for residential use.
Mumbai
Mumbai, the financial centre of India, is a prime example of the difficulties and complexities that come with urban housing construction. Due to its growing population and ongoing migrant inflow, the city is split sharply between those who can afford luxury homes and those who cannot. The expansion of transit infrastructure, such as the Mumbai Metro, also affects the cost and accessibility of real estate.
Godrej the Trees is a mixed-use building in the Mumbai neighbourhood of Vikhroli. It consists of retail stores, office buildings, and residential towers. The project has a sizable urban forest at its core and focuses on sustainability and green living. The residential towers provide a selection of flats to suit various tastes and price ranges, making it a desirable option for homebuyers seeking ecologically friendly living.
In Powai, Mumbai, Hiranandani Gardens is a reputable residential neighbourhood. In the midst of exquisitely planted gardens and with picturesque views of Powai Lake, it provides a variety of opulent apartments, townhouses, and penthouses. The development is renowned for its first-rate building materials, first-rate amenities, and prime location, making it a popular option for wealthy purchasers and expatriates.
Conclusion
Housing development in metropolitan cities is a complicated and intricate process that is influenced by a wide range of economic, social, and policy-related elements in major cities like Calcutta, Jaipur, and Mumbai. Stakeholders may encourage sustainable and equitable urban expansion by understanding how demand and supply, socioeconomic factors, infrastructure, governmental regulations, and development costs interact. In addition to enhancing inhabitants’ quality of life, addressing the housing issues in these areas will advance the country’s overall economic growth and prosperity.
References
Glossop, C. (November 2008). Housing and Economic Development: Moving Forward Together. Center for Cities 2008. [PDF]. Centre for Cities. Available at: [URL] (Accessed: 27th July 2023).
Banerjee-Guha, S. (2002). Shifting Cities: Urban Restructuring in Mumbai. Economic and Political Weekly, 37(2), 121–128. Available at: http://www.jstor.org/stable/4411593 (Accessed: 27th July 2023).
(No date) Hiranandani. Available at: https://www.hiranandani.com/bro/Hiranandani-Gardens-Powai/Hiranandani-gardens-powai-township.pdf (Accessed: 29 July 2023).
Case study – imagine studios 09.05.21 (no date) Scribd. Available at: https://www.scribd.com/document/510870085/case-study-imagine-studios-09-05-21 (Accessed: 29 July 2023).
