The National Housing Bank (NHB), a statutory body under the Government of India, has released its Report on Trend and Progress of Housing in India, 2024. This report is published in accordance with Section 42 of the National Housing Bank Act, 1987, and provides a comprehensive overview of the housing sector in India, highlighting significant trends, government initiatives, and sector performance.
Key Highlights of the Report:
- Outstanding Individual Housing Loans: As of 30th September 2024, individual housing loans stood at ₹33.53 lakh crore, reflecting a growth of 14% compared to the previous year.
- Loan Distribution by Segment: As of 30th September 2024, loans were distributed as follows:
- EWS & LIG: 39%
- MIG: 44%
- HIG: 17%
- Loan Disbursements: Individual housing loan disbursements amounted to ₹4.10 lakh crore for the half-year ending 30th September 2024, with the total for the year ending 31st March 2024 reaching ₹9.07 lakh crore.
- Housing Price Trends: The Housing Price Index (NHB-RESIDEX) saw a year-on-year increase of 6.8% in the quarter ending September 2024, compared to a 4.9% increase during the previous year.
- Government Initiatives: The report covers the impact of major government programs such as PMAY-G, PMAY-U, and the Urban Infrastructure Development Fund (UIDF), along with the Affordable Rental Housing Complexes (ARHC) scheme.
- Sector Challenges and Opportunities: The report identifies regional disparities in credit flow, vulnerability to climate-related risks, and highlights opportunities driven by technological advancements, digitization of land records, and innovations in construction.
Future Outlook:
The outlook for India’s housing sector remains optimistic, driven by supportive government policies like PMAY 2.0, rapid urbanization, transit-oriented development, and technological innovations.
Industry Expert Opinions:
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd., commented on the report, noting that the mid-income group (MIG) is becoming the backbone of the housing sector, accounting for 44% of outstanding individual housing loans. Driven by urbanization, rising incomes, and government policies, this segment’s demand for well-designed homes in prime locations continues to grow. At Signature Global, we are committed to meeting this evolving demand with high-quality, thoughtfully planned homes that reflect modern lifestyles.
Mr. Ashok Kapur, Chairman, Krishna Group and Krisumi Corporation, emphasized that India’s housing sector is on a strong growth trajectory. Rising homeownership aspirations, rapid urban expansion, and government support are driving this growth. Government initiatives like PMAY and infrastructure development are making homeownership more accessible, and evolving buyer preferences are shaping demand for homes in well-planned, connected communities.
The report highlights that India’s housing sector is poised for continued growth and transformation, creating new opportunities for developers, investors, and homebuyers alike.
