Rent to Own Housing Plans for Lower Income Individuals in India Spring Up
India, being the second most populated country in the world has fallen into a slight housing shortage. This shortage is mostly due to affordability and commonly found in industrial areas where migrant workers are abundant. To combat this they have decided to create new 15,000 new apartments accompanied by a rent to own program, the first the country has ever seen.
This program would allow migrant workers and other low income individuals to rent 1-2 bedroom flats for an extended time period of 15 years after which they would be signed over the deed to the property. This helps both the government who is financing the project the ability to rent to new tenants if a renter defaults lowering risk and migrant workers living in low income areas to have the option to buy affordable housing. Due to high demand tenants will be chosen by a lottery system, but this is only the pilot program and if it is successful more housing will be built.
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Source: (The Hindustan Times)