Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The National Housing Bank (NHB) released its 2024 Report on Trend and Progress of Housing in India, analyzing house prices, housing finance, and government initiatives. Housing loans grew by 14%, reaching INR 33.53 lakh crore, with the mid-income group (MIG) holding 44% of loans. The Housing Price Index rose 6.8% year-on-year. Key government programs like PMAY-G, PMAY-U, and UIDF were highlighted. Challenges include regional credit disparities and climate risks, while tech-driven solutions offer growth opportunities. Industry leaders foresee strong demand for quality, well-connected homes, driven by urbanization, policy support, and evolving buyer preferences.
The National Housing Bank (NHB), a statutory body under the Government of India, released the Report on Trend and Progress of Housing in India, 2024 earlier this month, pursuant to the provisions of Section 42 of the National Housing Bank Act, 1987. Advertisement
The report offers a comprehensive analysis of the housing landscape, including house price movements, flagship government initiatives in the housing sector, the role of Primary Lending Institutions (PLIs) in housing finance, the performance of Housing Finance Companies (HFCs), and a forward-looking outlook for the sector.
Key highlights from the report include the fact that individual housing loans outstanding as of the end of September 2024 amounted to INR 33.53 lakh crore, reflecting a 14% growth compared to the corresponding period of the previous year. During this period, the economically weaker section (EWS) and lower income group (LIG) represented 39% of outstanding individual housing loans, while the mid-income group (MIG) accounted for 44%, and the high-income group (HIG) made up 17%.
Individual housing loan disbursements during the half-year ended in September 2024 reached INR 4.10 lakh crore, while disbursements for the year ending in March 2024 stood at INR 9.07 lakh crore.
For the quarter ending September 2024, the Housing Price Index (NHB-RESIDEX) recorded a year-on-year increase of 6.8%, compared to a 4.9% rise during the previous year.
The report also examined major initiatives by the Government of India, such as the Pradhan Mantri Awas Yojana - Gramin (PMAY-G), Pradhan Mantri Awas Yojana - Urban (PMAY-U), an impact assessment of PMAY-U, the Urban Infrastructure Development Fund (UIDF), and the Affordable Rental Housing Complexes (ARHC) scheme.
It further highlighted regional disparities in credit flow and vulnerability to climate-related risks as key challenges facing the sector. Nevertheless, the report identified technological advancements in construction methods, digitisation of land records, and other innovations as significant drivers that could promote growth opportunities within the housing sector.
The outlook for the housing sector was described as promising, buoyed by government budget announcements regarding PMAY 2.0, urbanisation, transit-oriented development, digitisation, and other supportive factors.
Mr Pradeep Aggarwal, Founder and Chairman of Signature Global (India) Ltd., remarked that the NHB report reaffirmed market observations that the mid-income group (MIG) had become the backbone of the housing sector, comprising 44% of outstanding individual housing loans. According to him, this growth reflected a robust desire for homeownership, with middle-income buyers seeking well-designed homes in prime locations that balanced quality with convenience.
Mr Ashok Kapur, Chairman of Krishna Group and Krisumi Corporation, stated that India's housing sector was on a robust growth trajectory, driven by rising homeownership aspirations, rapid urban development, and favourable government policies. Mr Kapur emphasised that as cities continued to expand, homebuyers were prioritising well-planned, well-connected communities that offered enhanced lifestyles and long-term investment value. He expressed confidence that this trend would persist, with shifting buyer preferences spurring demand for homes that offered a blend of quality, convenience, and future-ready design.
Overall, industry leaders remain optimistic about continued growth, supported by technological innovation and government policy, pointing towards a promising future for the housing sector.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
