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1977 was the International Year of Shelter for the Homeless, and the eleventh session of the UN Commission on Human Settlements was hosted by India in April, 1988 to take stock of the achievements made in 1987, for providing shelter to homeless. As a piece of perfect timing the same month saw the publication of the interim report of the National Commission on Urbanization.


The creation of a comprehensive National Housing Policy and the setting up of the National Housing Bank was completed in April 1989, by the previous government. The proposal for the formulation of a new Comprehensive Housing Policy by the present government, aimed to regulate and curb speculation and profiteering in the transactions involving urban landed properties. All these things were measures that were required to increase the supply of housing units particularly to the common man, which constituted a giant leap in the quest for shelter for all. Unfortunately, the quest for shelter for all remains as a distant goal and more people continue to live without a house in this country than ever before.


The then finance minister, Prof. Madhu Dandavate’s admission of the existence of a vast parallel economy involving black money, generating as much as Rs.40,000 crore a year, and the decision to channelise that to the practical use of constructing homes to meet the increasing shortage all over the country, is like a whiff of fresh air.


According to government statistics, the housing needs during the decade aggregate to over 900 lakh dwelling units, necessitating an investment of the order of Rs.1, 40,000 crore, excluding the cost of infrastructure and services. The government by itself cannot mobilize such a huge amount. The participation of the private sector is thus assuming greater importance. Other investors must be encouraged to invest in real estate. For an investor intending to invest in a apartment Kochi and other similar cities offer the right advantage unseen elsewhere.