New Delhi: The country’s soaring apartment prices have spurred a massive surge in demand for rental apartments due to the government’s decision to set up a national healthcare insurance scheme, according to a new report.
The move, dubbed the National Health Insurance (NHI) scheme, was announced by Prime Minister Narendra Modi and has already led to a surge in rental apartment listings.
According to data compiled by Real Estate Intelligence, an Indian real estate firm, a total of 2.23 million apartments were sold in the first half of 2017, with a total average price of $3,737 per square metre (sqm).
This was an increase of 5.5% on the previous quarter, when 2.18 million apartments sold.
The total value of the market was $9.9 billion, with an average price per square meter of $2,936.
In comparison, India’s average rent for a two-bedroom apartment is around $2.4, and average monthly rent in New Delhi is $1,914.
While many of these units are now in the hands of landlords, they still lack adequate health coverage.
“The cost of living in New York has soared by almost 10% over the past three years.
And India is no exception.
There are no government schemes for the poor, and we need affordable housing to ensure that we have affordable access to quality healthcare for all,” said Rizwan Javed, managing director of Rizwaq Real Estate Advisors.
The national healthcare scheme will cover the costs of primary healthcare for every household including the cost of primary care services such as tests and prescriptions.
While this will bring relief to the poor in India, it will also help to boost prices in the market.
While India is currently one of the highest-cost countries in the world for healthcare, there is an opportunity to improve health outcomes.
India’s healthcare system is also very poor and this could also help ease pressure on it as it attempts to improve its ranking on the global healthcare rankings.
“The government’s plans are to ensure affordable healthcare for the whole population.
If we can help people access affordable healthcare, we can improve the quality of life for everybody in the country,” Javed said.
However, many of the apartments in the capital, which have been listed on the market for as little as $1 million, are located in poor areas.
This has led to many owners being left without the ability to pay the rent.
“These owners are left with no option but to rent their apartment,” said Anup Kumar, a managing director at Rizwawaj Real Estate Consultants.
“It is a matter of time before they will be forced to move out of the city.”