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The National Housing Bank (NHB) has released its “Trends and Progress of Housing in India 2024” report, highlighting significant growth in the housing sector. As of 30 September 2024, individual housing loans outstanding reached ₹33.53 lakh crore, marking a 14% increase over the previous year.
The report indicates that the Economically Weaker Sections (EWS) and Low-Income Groups (LIG) accounted for 39% of these loans, the Middle-Income Group (MIG) for 44%, and the High-Income Group (HIG) for 17%. During the half-year ending 30 September 2024, ₹4.10 lakh crore in individual housing loans were disbursed, with ₹9.07 lakh crore disbursed over the full year ending 31 March 2024.
The NHB’s Housing Price Index (NHB-RESIDEX) recorded a year-on-year increase of 6.8% for the quarter ending September 2024, up from 4.9% in the previous year. The report also covers major government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) for both rural and urban areas, the Urban Infrastructure Development Fund (UIDF), and the Affordable Rental Housing Complexes (ARHC) scheme.
Challenges identified include regional disparities in credit flow and vulnerabilities to climate-related risks. However, the report notes that technological advancements in construction and digitization of land records present growth opportunities. The outlook for the housing sector remains promising, driven by budget announcements on PMAY 2.0, urbanization, transit-oriented development, and digitization.
