A unique Stock Exchange approach to address urban poverty and slum rehabilitation

by parul8ue on Dec 10, 2007      Category: Housing & Sanitation Tags: housing slum urban poverty land reform

Ashoka Fellow Darin Gunesekera helped more than 670 families – 4,000 people - who formerly lived in a slum in Sri Lanka secure deeds to a brand new condominium. Darin used a variation of a stock exchange market to raise funds for the construction of these new dwellings and proceeds from the sale of the land freed from the slum were used to pay back the stakeholders. A win-win solution!

Despite the complex legal and social structure in different places, there is promise of replication of the success of this model in other areas like Kibera, Africa (world's largest slum of about a million people), for the weaver community in Varanasi through the Varanasi Weaver's Trust and Bangalore, India.

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parul8ue's picture

There are many groups/organizations working on low-cost housing for the urban poor:

1. Habitat for humanity - one of the few organizations profiled as examples of successful social entrepreneurship in http://ngopost.org/story.php?title=Effective_social_entrepreneurship

2. Shelter associates, based in Pune, India has created success stories locally http://ngopost.org/story.php?title=Housing_for_the_urban__poor_-_Initiat...

In all of these, community participation is one of the biggest keys to success

parul8ue's picture

Specifically, for the Varanasi project, land is needed for planned industrial & infrastructure development. This can help raise money for the initial construction costs

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