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CONTENTS UNDERTAKING 4 DISCLAIMER 5 Acknowledgment 6 List of Table 11 List of Figure 11 List of Charts 12 1. Introduction 13 1.1 Housing for all 14 Dynamics of housing challenge in India 14 Housing affordability 14 Biased policy environment for ownership housing 14 1.2 Rental housing in India 15 Types of rental housing market and status of Indian rental market 16 1.3 Need for the Study 16 Aim 17 Objective 17 Methodology 17 Sampling Methodology 18 Structure of Report 20 2. Rental housing- an overview 21 2.1 Historical overview of rental housing 22 2.2 Types of rent regulation 22 2.3 Rental housing stock 24 2.4 Characteristics of landlord and tenant 25 2.5 Eight common myths about rental housing 25 2.6 Rental housing as an Investment 26 2.7 Problematic issues in rental housing (Le Blanc, Green, & Taffin, 2009) 28 Macro economic conditions 28 Legal and Regulatory frame work 29 3. Rental housing in India 33 3.1 Importance of rental housing in India 34 Historical importance of rental housing in India 34 Trends and pattern in rental housing 34 3.2 Governments initiative in support of Rental housing 35 Draft Model residential tenancy act, 2011 36 Schema for Affordable Housing in Partnership 37 Review of existing taxation policy for Rental housing 37 3.3 Need of rental housing in India 37 Current rental housing practices in India 37 Changing population mobility 38 Affordability 38 3.4 Rental market with global reference 39 Price to Rent ratio 39 Rental yield 40 3.4 Issues and constrain for rental housing in India 41 The cultural bias in favor of home-ownership 41 The legal framework 41 The rate of return 41 Lack of incentive for investors 41 Lack of adequate finance 41 Lack of formal property management 41 4. Case studies 42 4.1 Rent decontrol reform- an international experience 43 4.2 Social housing in Europe- case of Netherland 44 Investment and involvement of the private sector 44 Individual subsidies for Housing 44 Case of Netherland 45 4.3 Private rental housing supply 46 Germany 46 USA 47 Australia 48 France 49 Comparative study 49 4.4 Rental Housing finance 50 All-Equity Based (Le Blanc, Green, & Taffin, 2009) 51 Real Estate Investment Trusts (REIT) (Le Blanc, Green, & Taffin, 2009) 52 Bank-Supplied Credit for Residential Rental Investment (Le Blanc, Green, & Taffin, 2009) 53 Capital Market Financing (Le Blanc, Green, & Taffin, 2009) 54 Commercial Mortgage-Backed Securities (Le Blanc, Green, & Taffin, 2009) 54 Direct Tapping of Capital Markets (Le Blanc, Green, & Taffin, 2009) 55 Credit Enhancements and Insurance Products (Le Blanc, Green, & Taffin, 2009) 55 5. Rental housing in Ahmedabad 57 5.1 Ahmedabad an overview 58 Housing scenario 58 Housing condition 61 5.2 Characteristic of rental housing stock 62 5.3 Characteristics of Tenants 65 5.4 Rental housing practices 66 5.5 Need and aspiration of Tenants 66 Criteria for selection of rental accommodation 67 Preferred supplier for rental accommodation 67 Willingness to pay more 68 5.6 Property owners' perspective on renting the property 68 Willingness to rent in case of vacancy 69 Willingness to upgrade and expand for renting 70 Source of finance 71 Property management consultant 73 6. Promoting rental housing supply 74 Model-1: Bring in back the vacant housing stock to rental market 75 Model-2: Upgrading Dilapidated Vacant housing stock and add to rental stock 75 Model-3: Existing Rental housing under tenancy or sub-tenancy 76 Model-4: Expansion of owner occupied property for provision of rental housing 77 Model-5: Multi family rental housing & Dormitories, under AHP 77 Macro level strategies (Financial, Central level) 77 Direct taxation suggestion 77 Housing loan suggestions 78 Amendment in Affordable housing in partnership 78 Corporate Rental housing companies 78 Micro level strategies (Development, State or ULB level) 78 State level initiatives 78 Municipal 79 Works Cited 80 |
