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Rent to Own Housing Plans for Lower Income Individuals in India Spring Up

May 8, 2013 by     News, Real Estate

punjab-indiaIndia, 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.

I always enjoy sharing these stories of rent to own success and news whether it is in the U.S. or abroad because helping people find a place to call home is something that helped found US Lease Option in the first place. Hopefully seeing how much rent to own can do for people in need can change your mind about it and maybe see how it could help you. If you’re looking for a rent to own or other creative real estate options search our listings to find a home for sale near you.

Source: (The Hindustan Times)