{"id":39142,"date":"2025-03-13T19:14:30","date_gmt":"2025-03-13T13:44:30","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=39142"},"modified":"2025-03-13T19:14:32","modified_gmt":"2025-03-13T13:44:32","slug":"housing-in-india-2024-trends-progress","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/13-03-2025\/housing-in-india-2024-trends-progress","title":{"rendered":"Trends and Progress of Housing in India 2024"},"content":{"rendered":"\n

Syllabus: GS3\/ Economy<\/strong><\/p>\n\n\n\n

In News<\/strong><\/h2>\n\n\n\n
    \n
  • National Housing Bank (NHB) has released the Report on Trends and Progress of Housing in India, 2024.<\/strong><\/li>\n<\/ul>\n\n\n\n

    Key Highlights of the Report<\/strong><\/h2>\n\n\n\n
      \n
    • Banks dominate the housing finance market<\/strong>, accounting for 81% of total housing loans whereas the Housing Finance Companies (HFCs) contribute 19%.<\/li>\n\n\n\n
    • As on 30-09-2024, Economically Weaker Sections (EWS) & Low-Income Groups (LIG) accounted for 39%, Middle-Income Groups (MIG) accounted for 44% and HIG accounted for 17% of outstanding individual housing loans.<\/li>\n\n\n\n
    • Only 5% of buildings in India are classified as \u2018green\u2019.<\/strong><\/li>\n<\/ul>\n\n\n\n

      Government Initiatives Driving Housing Sector Growth<\/strong><\/h2>\n\n\n\n
        \n
      • Pradhan Mantri Awas Yojana-Gramin (PMAY-G): <\/strong>Aims for rural housing development with a focus on affordable housing.<\/li>\n\n\n\n
      • Pradhan Mantri Awas Yojana-Urban (PMAY-U):<\/strong> Supports low-cost housing projects in urban areas.<\/li>\n\n\n\n
      • Urban Infrastructure Development Fund (UIDF): <\/strong>Boosts infrastructure financing for affordable housing.<\/li>\n\n\n\n
      • Affordable Rental Housing Complexes (ARHCs): <\/strong>Focuses on housing solutions for migrant workers and urban poor.<\/li>\n<\/ul>\n\n\n\n

        Challenges in Housing Finance<\/strong><\/h2>\n\n\n\n
          \n
        • Regional Disparities in Credit Flow:<\/strong> Western, Southern, and Northern states receive the highest housing finance disbursements.\n
            \n
          • Eastern and Northeastern states experience low credit penetration, limiting housing accessibility in these regions.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
          • Limited Reach of Housing Finance Companies (HFCs):<\/strong> HFCs play a vital role by providing flexible loan eligibility criteria and efficient service.\n
              \n
            • However, HFCs have a limited branch network in rural and underdeveloped areas, restricting their ability to bridge the housing finance gap.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
            • Low Adoption of Green Buildings<\/strong>: Challenges remain there like higher initial costs of eco-friendly construction, lack of incentives for developers, and limited awareness on sustainability.<\/li>\n<\/ul>\n\n\n\n

              Opportunities for Growth<\/strong><\/h2>\n\n\n\n
                \n
              • Technological advancements<\/strong> in construction like use of AI, data analytics, and predictive modelling, 3D Printing and the digitization of land records<\/strong> are identified as factors that could facilitate growth in the sector.<\/li>\n\n\n\n
              • Increase in funding and growing demand for smart cities and affordable housing<\/strong> in metro and Tier-II & Tier-III cities causing demand to go up.\u00a0<\/li>\n<\/ul>\n\n\n\n
                About National Housing Bank (NHB)<\/strong>
                – Founded: <\/strong>In 1988, under the National Housing Bank Act, 1987.
                – Objective:<\/strong> To regulate, promote, and develop the housing finance market in India.
                – Ownership<\/strong>: 100% owned by the Government of India.
                – Regulation: <\/strong>NHB supervises HFCs, while the Reserve Bank of India (RBI) is the primary regulator.
                – Functions:<\/strong> Encourages financial inclusion by improving access to housing loans for the middle-class and low-income groups.
                – Bridges the housing finance gap by expanding credit facilities to underdeveloped regions.
                – Headquarter:<\/strong> New Delhi.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                Source: PIB<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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