By Homz | October 6, 2022
What is the definition of a prosperous society? Is it posh roads and tall buildings? Or robust public infrastructure and healthcare facilities? The idea of a happy society may differ for every individual, but one thing is certain; a prosperous society thrives on the public value created for the people living there.
However, one question remains persistent. Who is responsible for creating public value? Is it the local city council? Or the federal government? Or private companies? Turns out, there is not a single stakeholder in the journey to prosperity. It has to be a joint effort from all the members of society.
Public Infrastructure & Its Struggle
While public infrastructure is necessary for the rapid growth of any nation, our existing infrastructures do not live up to people’s expectations. According to the World Economic Forum (WEF), the US ranks 13th regarding the overall quality of infrastructure. Poor quality of infrastructure means sluggish growth and massive inconvenience. Many experts suggest that public infrastructure in the US is both dangerously overstretched and lagging behind its economic competitors. The public infrastructure needs significant change, more so an upgrade.
On the contrary, private infrastructure offers greater long-term efficiencies in terms of a cycle of planning. The private sector has incentives to maintain high-quality infrastructure assets. Thus, the end-user always receives a safer and improved quality of service. The private sector incentivizes the projects to deliver them on time and within budget. The same cannot be said for public infrastructure. However, not all infrastructures cannot be privatized. Thus, we need to find a solution that can provide the same quality of infrastructure offered by the private sector and shared access to people as that of the public sector.
Introducing Public-Private Partnership
Public-private partnership is not entirely a new concept. It has existed for years, and many countries have embraced it for the betterment of societies. The main goal of a public-private partnership is to create an environment for the common good. Public value is the common ground that public officials and organizations share regarding social and economic well-being.
Integrated Communities can access the best infrastructure, housing, road transportation, schools, hospitals, or recreational facilities with public-private partnerships. Financing a project through a public-private partnership can enable a project to be completed sooner or even make it possible.
How is Homz Global Leveraging PPP?
We at Homz understand that joint efforts are essential to happy and prosperous communities. We need to work together to provide better housing solutions and other infrastructures. Our collaborative public-private partnership model enables us to provide affordable housing solutions for residents of these suburbs.
In addition, we partner with landowners throughout the country through our ‘Joint Venture’ model. These landowners have been living in those suburbs for their entire lives. Furthermore, these landowners want their lands used for the welfare of their communities, creating significant public value in the long run.
We at Homz understand the need to co-create communities focused on public value for social and economic benefit. That is why with Homz Communities, we are on a mission to solve both the housing crisis and infrastructure problems in this country. The Homz communities will incorporate around 1200-1500 housing units with 4,000-5,000 residents filling up these units. 70-80% of them will be newly settled residents.
Homz is building communities to further attract more economic growth in the suburbs by giving local businesses a boost. We are committed to Co-Creating Public Value keeping the people at the centre of everything we create.