By: Pranay Vakil, Chairman, Praron Consultancy
Track2Realty Exclu
sive: Catering to the rapidly urbanizing consumers and emerging economies will hit the demand pressure for natural and capital resources. In cities, one billion people will enter the global “consuming class” by 2025, with incomes high enough to become significant consumers of goods and services.
Around 600 million of them will live in only around 440 cities in emerging markets that are expected to generate close to half of global GDP growth between 2010 and 2025. The incomes of these new breeding classes are rising even faster than the number of individuals in the consuming classes.
According to the world estimate 42 per cent of Indians will be living in urban areas by next 10 years and 40 -50 per cent of the population is going to be under the age group of 25 years.
This leads to again a serious and insoluble problem of housing of the ever-growing and migrating population in big cities. Due to the paucity of houses to accommodate the people, the once beautiful cities are being reduced to slums. So, how will we accommodate them? Where they will live? Will they live in slum? These are few challenges to be addressed.
There are numbers of problems prevailing particularly in cities where 40-50 per cent flats are locked owned either by NRI staying abroad or investors. People may run out of the patience and revolt back to eradicate prejudice.
So, are we gear for that revolt? Is our law & order in place to control that situation are the few questions arise? In this context, we have to take into the account exceptional behavior of masses and solve it out in controllable ways. People should not be forced to rebel by taking corrective steps on timely basis.
…..to be continued
