Affordable housing for all
A recent report analysing the Indian realty sector developments points to its importance to the economy and the kind of investment that is flowing into this sector, even from global equity and fund managers. There is no doubt that since…

A recent report analysing the Indian realty sector developments points to its importance to the economy and the kind of investment that is flowing into this sector, even from global equity and fund managers.

There is no doubt that since economic liberalisation began the real estate sector has become one of the most globally recognised sectors. It is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade.

This sector comprises four sub sectors – housing, retail, hospitality, and commercial. Its growth is well complemented by the rising demand for office space as well as urban and semi-urban accommodations.

It may be noted that the construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.

Analysts expect more NRI investment flowing in both the short term and the long term. Bengaluru is expected to be the most favoured property investment destination for NRIs, followed by Ahmadabad, Pune, Chennai, Goa, Delhi and Dehradun.

It is pertinent to say here that India’s rank in the Global House Price Index has jumped 13th spots to reach the ninth position among 55 international markets on the back of increasing prices in mainstream residential sector.

The Indian real estate market is expected to touch US$ 180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country’s Gross Domestic Product (GDP).

The market size of this sector is expected to increase at a Compound Annual Growth Rate (CAGR) of 11.2 per cent in 2008-2020. The retail, hospitality and commercial real estate segments are also growing significantly, providing the much-needed infrastructure for India’s growing needs.

A total of 2,17,900 new houses in six states have been sanctioned by the Ministry of Housing and Urban Affairs  under the Pradhan Mantri Awas Yojana (Urban) (PMAY) to push affordable housing in the urban areas.

The private equity investments in real estate have increased 26 per cent to a nine-year high of nearly US$ 6.01 billion in 2016.

The Pradhan Mantri Awas Yojana (Urban) Programme launched by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA), in Mission mode envisions provision of Housing for All by 2022, when the Nation completes 75 years of its Independence.

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