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One Nation One Housing Policy: Transforming India's Housing Landscape and Opportunities

Introduction

The "One Nation One Housing Policy" aims to transform India's housing landscape, elevating the country's global happiness index from its current rank of 136th to first. This comprehensive approach not only focuses on housing availability but also has significant implications for various professionals, including Chartered Accountants, Cost Accountants, Architects, RERA Brokers, and Lawyers.

Key Features of the One Nation One Housing Policy

Enhanced Housing Availability

  • Creation of 140 crores of special drawing rights linked to Aadhaar, providing a strong financial foundation.
  • Introduction of 35 crores housing loan folios, facilitating easier access to financing for homebuyers.

Professional Opportunities

  • Chartered Accountants will have to manage 35 lakh cooperative housing audits annually, a vital initiative requiring meticulous attention to financial accuracy.
  • Cost Accountants will prepare weekly cost audit reports for housing projects, contributing to a total of 14 crores, which will help in monitoring expenses effectively.
  • Architects will generate project-specific weekly asset creation reports across 14 crores, optimizing urban planning and development.

Revenue Generation for Intermediaries

  • The National Property Registration Portal will facilitate transactions and reporting by RERA Brokers, Chartered Accountants, and Lawyers, enhancing revenue streams through both seller and buyer side escrow banks.

Land and Financial Market Innovations

  • Approximately 35 lakh to 1 crore land parcels will be managed by the Chief Land Compensation Bond Authority, revolutionizing land compensation frameworks.
  • The introduction of 35 lakh crores in zero coupon bonds for five years will expand the fixed interest securities market, creating new opportunities for merchant bankers and retail investors alike.

Data-Driven Decision Making

  • Audit reports from cooperative housing societies will help assess household stress levels, enabling better budget formation and resource allocation.
  • Daily validations by Cost Accountants will ensure constant monitoring of input costs in housing projects.

Urban and Architectural Planning

  • A strategic approach for land use within a single square kilometer (90 lakhs square feet or 220 acres) will focus on maximizing agricultural and residential productivity.
  • Architects are tasked with designing cities based on varying floor space indices (FSI) — including 5 crore, 10 crore, 25 crore, and 100 crore projects — with a deeper integration of utilities such as electricity, water, and sewerage.

Affordable Housing Initiatives

  • The policy aims to make housing affordable, targeting 450, 900, and 1200 sq. ft. flats at an average national construction cost of around ₹2500 per sq. ft.
  • Households with configurations of 3, 6, and 8 members will find housing costs approximating ₹11.25 lakhs, ₹22 lakhs, and ₹30 lakhs, respectively, under the RERA and RBI housing loan schemes with a 25-year EMI plan.
  • A basic 150 ft. FSI will ensure housing is available at cost-effective rates, with undivided shares guaranteed for residents.

Social Welfare Initiatives

  • Individuals unable to bear housing costs will receive support from the Ministry of Social Welfare.
  • The policy aims to eliminate slums and encroachments, creating a more structured urban environment aligned with the goals of the United Nations Special Rapporteur on Housing.

Conclusion

The "One Nation One Housing Policy" is a significant step toward ensuring housing for all Indians. The initiative not only supports the common citizen's housing needs but also provides a variety of opportunities for professionals in the sector. The government’s commitment to this noble cause is crucial to transforming the housing landscape in India.