The National Housing Bank (NHB), a statutory body under the Government of India, has published the Report on Trends and Progress of Housing in India, 2024. This report is released under the provisions of Section 42 of the National Housing Bank Act, 1987.
The report provides an overview of the housing sector in India, including trends in house prices, key government initiatives, and the role of Primary Lending Institutions (PLIs) in providing housing credit. It also examines the performance of Housing Finance Companies (HFCs) and presents an outlook for the sector.
Key findings from the report highlight the significant growth and transformations in the housing sector. As of September 30, 2024, individual housing loans outstanding stood at ₹33.53 lakh crore, marking a 14 percent increase compared to the same period in the previous year. The loan distribution indicates that the economically weaker section (EWS) and lower-income group (LIG) accounted for 39 percent, while the middle-income group (MIG) contributed 44 percent, and the high-income group (HIG) held 17 percent of the outstanding individual housing loans.
Loan disbursements for individual housing during the half-year ending September 30, 2024, amounted to ₹4.10 lakh crore, while the total disbursements for the financial year ending March 31, 2024, were ₹9.07 lakh crore. The Housing Price Index (NHB-RESIDEX) recorded a year-on-year increase of 6.8 percent in the quarter ending September 2024, an improvement from the 4.9 percent growth recorded in the previous year.
The report also evaluates major government housing initiatives, including the Pradhan Mantri Awas Yojana - Gramin (PMAY-G) and Pradhan Mantri Awas Yojana - Urban (PMAY-U). It covers the impact assessment of PMAY-U, the Urban Infrastructure Development Fund (UIDF), and the Affordable Rental Housing Complexes (ARHC) scheme.
Additionally, the report sheds light on regional disparities in housing credit flow and the sector’s vulnerability to climate-related risks. It highlights technological advancements such as the digitization of land records and improvements in construction practices, which are expected to drive further growth in the housing sector.
This comprehensive analysis of housing trends and financial performance underscores the evolving landscape of the Indian housing sector, driven by policy interventions and changing buyer preferences.