Introduction: Housing or shelter is the basic need of human being. This is accepted by the civilized society. Housing is an enigma to the developing countries; it is simultaneously the hardest problem to solve. Housing has commonly acquired a product dimension which essentially professes the existing housing stock and ways and means by the agencies to provide more housing. Man is always fascinated by the acquisition of a house. But the greed to acquire a house for an economic reason or to accrue wealth out of a house has given a new dimension to housing.
1) Concept of Housing:
The word ‘housing’ can be used as a noun or as a verb. When used as a noun, housing describes a commodity or product. The verb to ‘house’ describes the process or activity of housing. Whereas shelter is a place or house whereas a person lives.
The concept of housing connotes a dwelling place owned and controlled, constructed by the occupants themselves or by any other but enjoyed for the time being. The main ingredients of the concept of housing are:
- i. A residential house;i
- i. Constructed by the occupants or by any other and
- iii. Having minimum living facilities.
Housing is not just a question of house. But, a world of community and cosmos for building and nurturing. Thus, for maintaining social, cultural, economic and political systems which permit human beings not just to survive, but hopefully to proper’.
In the hierarchy of basic human needs, shelter occupies third place only after food and clothing. According to Maslow’s need hierarchy theory, after the satisfaction of one want; another want will arise for a human being. This implies that an individual after the satisfaction of food and clothing needs thinks of the house or good accommodation.
2) Importance of Housing:
Housing being one of the basic needs and an indicator of the quality of life that a citizen enjoys, it also helps in creating conditions conducive to the achievement of crucial goals in matters pertaining to education, health, sanitation and the living standards of the people. In several developing nations including India, a house is a workplace. As such better housing facilities would mean improved productivity.
Housing activity involving productive investment promotes economic activities and thereby substantial employment opportunities. Adequate shelter implies more than a roof over one’s head, which includes adequate privacy, adequate security, space, adequate ventilation, lightening, adequate basic infrastructure and location with regard to work and basic facilities at a reasonable cost.
Shelter provision triggers additional investment and employment in building materials, production, transport, and marketing. According to International Institute for Environment and Development (TIED), London, “habitat must mean social, economic and political security must include safe, healthy and affordable shelter, a neighborhood providing health care, child care, education, piped water, sanitation, transport and access to adequate livelihood”.
India has also been experiencing spectacular growth in its urban population and in the number and size of its Cities. India’s urban population which was mere 26 million at the beginning of the century had by the year 1991 reached the figure of 84, 63, 02,688. By the year 2001 A.D the population of India was 101,24,00,000 and by the year 2011, the population of India reached to its peak of 121,00,00,000. It is expected that the urban population will reach the figure of 141, 00,00,000 by the year 20214.
Housing creates self-employment opportunities in countries with substantial underutilized labor, material and financial resources. Housing can make use of such resources at low cost. It is recognized as a profitable investment proposal since the net asset value increases year after year.
Lavish, luxurious homes are planned by a few people for they have excessive funds which they otherwise cannot utilize. For instance, the accumulated tax evaded income (i.e black money) goes into the investment in the house construction, whatever may be the source of funds. Many feel pride, peace, contentment and physical as well as economic security by possessing the house. The significance of housing from a commercial point of view is one of the important sources of earning for those who have got utilizable excessive funds. By constructing a house for rental purpose, people earn constant incomes for generations together. People may go for housing together by transferring unproductive savings in the form of gold and other property. The low-income yield on the investment is largely compensated by the rise in the net value of the properties.
Article Collected From:
- Kumar, K. S. (2012). Housing finance by LIC Housing Finance Limited and Housing Development Finance Corporation with special reference to Hyderabad.