Srinagar's Housing Crunch?

(MENAFN- Kashmir Observer)
Representational Photo

Srinagar is now grappling with a growing housing crisis that threatens to become only worse in the coming years. The latest numbers tell a stark story: from a population of 1.78 million today, Srinagar is projected to touch nearly 3 million by 2035. But is the city ready to accommodate this growth? Clearly, not yet.

The city needs at least 300,000 new housing units in the next two decades. But it is already short by nearly 19,000 units – and that's just today. What makes the challenge more complex is Srinagar's geography. With only 160 square kilometers currently developed out of the 766 earmarked in the Master Plan, and large swathes marked as flood-prone or ecologically sensitive, the space to build is limited. Urban expansion, therefore, must be sustainable.

Property prices have soared as demand outpaces supply. In some areas, real estate rates are now over Rs 14,000 per square foot, putting home ownership out of reach for much of the middle class, not to think of the growing numbers of urban poor. This is creating a widening disparity between the haves and have-nots. Over the past two decades, Kashmir has witnessed a real estate boom in the high-end and luxury segment, but this has only put the availability of housing beyond the reach of lower- and middle-income families, many of whom are now forced to look for homes outside the city or settle for cramped, inadequate spaces.

While the government has rolled out policies like Land Pooling and Transferable Development Rights (TDR), and extended the PMAY-Urban scheme, these efforts have had limited impact so far. There's also talk of new townships in Bemina and a grand satellite city backed by the NBCC. But here again, experts warn – unless these projects prioritize affordability and sustainability, they risk becoming enclaves for the elite rather than solutions for the masses.

So, the government's intervention becomes urgent. The city's growing housing needs require a creative response. We have to choose between sprawl and smart planning. Unchecked construction is not the solution, as that will further impact the city's fragile ecology. Already, Srinagar has borne the brunt of the unplanned, horizontal growth of housing colonies, some of whom have been built on swampy land. At the same time, we can't delay affordable housing for our growing population, a large section of whom is not in position to buy land at current rates, let alone construct a house. Srinagar's housing future hinges on bold, inclusive planning that balances growth with affordability, sustainability, and the needs of its people.

Read Also Srinagar's Housing Strain: Can The City Keep Up With Its People? J&K Gears Up for PMAY-Urban 2.0 Interest Subsidy Rollout

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