Government Policies Encouraging Affordable Housing Sector in India

NOIDA, India - March 22, 2018 - PRLog -- India has seen whopping growth in its population and migration to cities has become a continuous process. This requires large number of houses to accommodate this migrating population and Indian cities are left with abundant demand for houses and significant shortage for the same. On the country level, there is a shortfall of over 18 million housing units and 96% of which is among Economically Weaker Sections (EWS) and Lower Income Groups (LIG) people. The shortage of urban housing is expected to grow at a CAGR of 6.6% till 2022.

The Government and the Reserve Bank of India have undertaken a number of initiatives to boost affordable housing. Loan disbursements as well as launches of new projects in the affordable housing segment have risen sharply in 2016-17. The Pradhan Mantri Awas Yojana (PMAY) launched in 2015 provides a fresh momentum to the affordable housing sector.  The PMAY-Urban (PMAY-U) subsumes all the previous urban housing schemes and aims at 'Housing for All' to be achieved by the year 2022.

In its latest white paper, RNCOS has identified top 5 states for affordable housing, where Maharashtra alone had a shortage of around 1.2 Million houses and demand of 1.6 Million houses in 2015. Emphasizing on potential of this industry, Shushmul Maheshwari, CEO – RNCOS "growing urbanization and consistent rise in middle class population coupled with an increase in their income have been the major growth drivers of Affordable Housing Market in India. He also highlighted "the policy announcement like credit- linked interest subsidies aimed at making housing loans a viable option for the EWS sections of society and slum rehabilitation and redevelopment through private developer. These developments are expected to benefit affordable house manufacturers. "

Growing housing demand is providing huge opportunity to construct houses for EWS, LIG and MIG customer segments in the next few years, which will stimulate the growth of the industry. RNCOS acts as your growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help to make your business flourish by studying the market dynamics, collating with you business and devising the right strategies.

With more than a decade of experience in Real Estate Industry Market Reports, RNCOS can act as a potential growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with you business and devising the right strategies.

Feel free to download the latest white paper: http://rncos.viewpage.co/Affordable-Housing-in-India

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.