You must be thinking why are we suddenly publishing back-to-back insights? We just published one related to the emerging Sports Industry in India, so this insight could have been pushed at least for the next fortnight. Right?
But then, we stumbled upon a news which, may not sound unusual as we’re used to it, but will have the ripple effect across all the industries; majorly impacting the Real Estate. World Health Organisation’s (WHO) latest study on the world’s polluted cities of the planet, has 9 (yes, nine !!) out of 10 from India. A list that has put India on the top of ‘Wall of Shame’!
Now that it is out for one and all to see, it will create a negative impact on the society as a whole. There will be many repercussions and all industries will suffer the setback. But the one most impacted one will be the Real Estate industry.
The 9 out of 10 cities listed by WHO majorly constitute Tier A or Tier B cities. These are the cities where the educated people from across India migrate to in order to build their future by finding jobs, opportunities or even better education services. All this inflow of people gives rise to the demand of Real Estate, which in turn drives the market.
But with the current news on the global canvas, the influx of people is going to get affected as no sane person will sacrifice his health for a window of opportunity. Besides, these opportunities can be created anywhere if the person remains healthy. As such, the demand for Real Estate will fall leading to a drastic fall in the prices of Real Estate.
So, how can the situation be improved? Is it too late to reverse the condition? We, at Apollo & Dionysus, think otherwise.Let’s think of few plausible scenarios of the future:
Developer’s contribution: What if, all the real estate developers of the city/locality are entrusted with an additional responsibility of developing the 2 Km radius from the location of the project. If there are more than one developers in a locality, then the development area will overlap; thereby reducing the burden on any single developer. You might think that developing just 2 Kms nearby ain’t going to develop the whole city/nation. But a small initiative by the resourceful few can definitely start a revolution.
Home owner’s contribution: Every time someone buys a house/land, a small percentage, preferably between 0.5% - 1% of the total cost of the property is set aside for the development of the nearby society. This fund can be used for construction of Green Belt (trees and parks), placement of dustbins at proper intervals and if the magnitude of the funds permit, then even implementation of independent solar grid for the society to take care of the common lighting needs such as, street lights, park lights etc. can be dreamt off.
Government’s contribution: Whether it’s the taxes levied to the developers while allotting the land to them or the tax levied to the end consumer when he buys the finished house, the government has its way chalked out of taking it the piece of the pie. What is not chalked out, or rather transparent, is how the same tax deposited by the corporations and consumers alike are put to use for the benefit of the people. If the Government is ready for the initiative, we at Apollo & Dionysus are ready to accept the challenge and build such a platform wherein, one and all can view the exact inflow of cash by taxpayers and the expenditure made by the Government for the development of infrastructure.
Apollo & Dionysus is made up of individuals who believe it’s never too late to change the world. We look at the problem and try to find an approach that will not just solve it for the moment but will reap benefits for eternity if implemented immaculately. We dream of a new, better and enriching future and have the passion to turn the tables whenever the need is.