'Social Realtors' is new kid on the block. They can make a difference by contributing to the human welfare of the people living below poverty line who cannot afford a better shelter for living. Better living standards confers human development. Business model innovation in realty sector can pave way to this. 'No-frills' apartment model like low-cost carriers allow realty businesses to provide low-cost housing to the common man. There are ways to develop affordable houses for common and people below poverty line (BPL). Large-scale housing project initiatives (LHPI) with a focus on efficiency can contain cost. Employing professional practices (in purchase and logistics) enhance project efficiency. 'Standardization' (of construction material, components, etc) practices also offer cost containment opportunity. Besides 'No-frills' model, 'differential pricing' lead realty businesses to win-win situation. Through revenue management techniques such as 'smart pricing' realtors can offer affordable houses to the common or BPL while maximizing their revenue. So realtors, go social and make 'affordable housing' a reality to make a difference.
'Social Housing' for Inclusive Development
Shelter is one of the basic needs of human beings. As realty prices shot up, housing remained as dream for common man. If realtors wish, providing housing to common is not a big deal. ‘For Profit, For Cause’ should become new business ideology of realty businesses. Realtors should display bare minimum responsibility for inclusive development. They should create room for social housing in their portfolios. Some of their ventures should take social route – offering houses at a least or no profit margin. Profits squeezed in low-end can be offset by added margins in premium segment. Govt., should introduce sops to encourage ‘social realtors.’ But, steps should be taken to preempt mis-utilisation.
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