NHB Reports: Affordable Housing Drives India's Real Estate Boom

India's housing market has witnessed a sharp surge, fueled by government policies and a 14% year-over-year increase in outstanding individual housing loans, which stood at ₹33.53 lakh crore as of September 2024. The Middle-Income Group (MIG) segment is the largest with a 44% share of the loans, followed by the Economically Weaker Section (EWS) and Low-Income Group (LIG) at 39%. Important government programs such as Pradhan Mantri Awas Yojana (PMAY) have increased affordability and accessibility. In spite of the regional differences and climate-related hazards, the prospects of the sector are good on account of urbanization and digitalization. Prices of housing have also appreciated by 6.8% year-on-year till September 2024.

 

Source: Daily Excelsior, National Housing Bank Reports