Housing Microfinance in India : The Kerala Experience

Housing is one of the most primary human needs and is second only to the need for food and clothing. Housing is  often considered as ‘an engine for growth’ for an economy, particularly the developing economies like India. Because of the strategic significance of housing for a developing nation like India, it has been one of the top priorities by the successive Governments here.However, only during the late 1970s that there was an organized attempt to set up an institutional mechanism for the purpose of providing housing finance in India. Besides, the vast majority of the shelter-less population in India are still beyond the reach of the formal system of housing finance in the country. In the above context, propoor housing models like Housing Microfinance (HMF) assumes added significance in a country like India.

 

This book on HMF by Dr. Manoj P. K. focuses on the HMF model ‘Bhavanashree’ in Kerala – a project sponsored by the Kerala Government under its poverty alleviation programme named ‘Kudumbashree’. Before making an empirical study of ‘Bhavanashree’, the author makes a review of the global housing scenario and the housing problem of the masses. Then he discusses in detail the housing situation in India and identifies the ‘Real Housing Problem’ in the country. Hence the vital need for pro-poor housing models like HMF to address the housing problem of the really deserving people – the poor and the marginalized. As ‘Affordable Housing for  All by 2022’ is a national priority in India, the present study has got added significance today. The author points out that though ‘Bhavanashree’ experience in Kerala has not been successful, it gives ample scope for the stake-holders to design better HMF models by way of ‘learning from one’s failure’. Accordingly, based on the finding of his study, the author makes suggestions for meaningful design of a sustainable HMF model that is

suitable her