National Housing Bank (NHB), a statutory body under the Government of India, has released the 2024 Report on Trends and Progress of Housing in India. The report highlights the performance of the Indian housing sector, driven by changing buyer preferences and various government initiatives.
The report indicates that outstanding individual housing loans as of September 30, 2024, reached $446 billion, reflecting a 14% growth over the previous year. The distribution of these loans shows that the Economically Weaker Sections (EWS) and Low-Income Groups (LIG) accounted for 39%, Middle-Income Groups (MIG) accounted for 44%, and High-Income Groups (HIG) made up 17%.
During the half-year ended September 30, 2024, individual housing loan disbursements totaled $55 billion, while the disbursements for the year ended March 31, 2024, were $122 billion. The Housing Price Index (NHB-RESIDEX) recorded a year-on-year increase of 6.8% for the quarter ended September 2024, compared to 4.9% in the previous year.
The report also covers major government initiatives such as PMAY-G, PMAY-U, the Urban Infrastructure Development Fund (UIDF), and the Affordable Rental Housing Complexes (ARHC) scheme. It identifies regional disparities in credit flow and vulnerability to climate-related risks as key challenges, while technological advancements in construction and the digitization of land records are seen as growth opportunities.
The outlook for the housing sector remains promising, driven by budget announcements on PMAY 2.0, urbanization, transit-oriented development, and digitization.
