Srinagar, April 21 -- 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 widenin...