Term Of The Day: Public Homes
Public homes is a form of residential property in which property is owned by the central government, state government, or local authorities.
PropTiger Explains Public Homes
Generally, public residential projects are designed to provide affordable homes to economically weaker sections of the society. But, in some countries, and under certain schemes, government rents out homes to low income individuals when those buildings are owned and managed by central or state governments or local authorities. In India, the central government formulates and implements social homes schemes.
In India, public residential property is provided under schemes like the NUHHP, Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and Rajiv Awas Yojna. In Rajiv Awas Yojna, the union government extends financial support to Indian states for building affordable homes through public-private partnership (PPP) .
In Delhi, for instance, the Delhi Development authority develops residential projects for low income and middle income individuals and economically weaker sections after acquiring agricultural land through an auction. In DDA schemes, residential land is allotted to applicants through a transparent draw system.
Economists and many urban planning experts often criticize public home schemes because such projects do not serve their intended goals though they are driven by good intentions. Many economists think that homes would have been affordable in the absence of building restrictions and various regulations that govern the construction industry. They believe that, instead, government should make more land available for high density development.
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