India Affordable Housing Market to Register a CAGR of 19.80% During the Forecast Period, 2024-2028F
Rising
middle-class population and government initiatives are driving the India
Affordable Housing market across the country.
According
to the TechSci Research report, “India Affordable Housing Market - By
Region, Competition, Forecast & Opportunities, 2018-2028F”, The definition of affordable housing is
"housing that is available to those with earnings below the median
wage." For people with low salaries, middle-class incomes, and extremely
low levels of income, as well as for those who are economically weaker, affordable
housing is available in India. Affordable housing is a serious challenge in
developing nations such as India where the great majority of people cannot
afford to buy homes due of the high market price. While land is the biggest
hurdle to affordable housing in urban centers, there are special techniques for
various regions.
The
Indian government has undertaken many programs and investments to offer cheap
housing to its residents. The Pradhan Mantri Awas Yojana (PMAY), which aims to
provide affordable housing for the urban poor, the Credit Linked Subsidy Scheme
(CLSS), which offers interest subsidies to eligible beneficiaries for buying or
building a house, and the Affordable Rental Housing Complexes (ARHC) scheme,
which aims to provide affordable rental housing for the urban poor and migrant
workers, are some of the significant steps that have been taken in this regard.
National Urban Housing Fund (NUHF) offers cheap housing to the urban poor,
Pradhan Mantri Gramin Awas Yojana (PMGAY) plan gives affordable homes to the
rural poor. The government grants financial aid to eligible beneficiaries to
construct or remodel a residence. These initiatives and investments by the
government have assisted in providing affordable homes to a significant number
of people in India. However, more needs to be done to ensure that every citizen
has access to a safe and affordable house across the country.
Browse
over 38 market data Figures spread through 113 Pages and an in-depth TOC on the
"India Affordable Housing Market"
Based on location, the India affordable housing market
is segmented into metro and non-metro. In 2022, metro, by location segment was the
dominating location and accounted for 70.06% share in the affordable housing
market of India, and it is expected to register a CAGR of 20.60% between 2024- 2028. Metro areas are leading locations in
India for affordable housing. As a result of urbanisation and high population
density, there is a demand for affordable housing in major cities. The
importance of metro locations for inexpensive housing in India is due to the
availability of transportation, which is a crucial component in determining the
affordability of housing. Regions with good metro connectivity tend to have
better transportation infrastructure, which helps to reduce travel time
and expenses. This increases access to employment opportunities, educational
institutions, and other necessary services, which lowers the price of housing. Moreover,
regions with strong metro connectivity typically have higher housing demand. Furthermore,
metro cities and their surrounding areas are typically developed with
commercial and residential complexes, which can further add to the availability
of affordable housing solutions.
Based on region, the India affordable housing market
is segmented into south, west, north and east. In 2022, the South India region
accounted for the largest share of 31.23% in the affordable housing market. This
is because there is a greater need for affordable housing in the country due to
the region's growing population and rapid urbanisation. For employment opportunities,
a large number of people from rural areas are moving to cities, where they need
to find affordable housing. There is a demand for affordable housing options in
South India due to the expanding middle-class population. Affordable housing is
quality housing options which is available at a reasonable price. Cities
such as Bangalore, Chennai, Hyderabad, and Coimbatore are experiencing a boom
in demand for affordable housing as more people travel to these cities in quest
of better employment prospects and a higher living standard. Some affordable housing complexes in South
India are Provident Housing, Casagrand, Shriram Properties, Mahindra
Lifespaces, Artha Property and others. Additionally, the
government's efforts and private developers are also focusing on
affordable housing developments in South India, which is helping to fulfil the
rising demand for inexpensive dwellings. Overall, the demand for affordable
housing in South India is projected to continue to be robust in the
upcoming years, makes it an attractive market for real estate developers
and investors.
Key market players in the India Affordable Housing market
include:
- Tata
Realty and Infrastructure Limited
- Migsun
Infrahomes Private Limited
- Nila
Infrastructures Limited
- DLF
Limited
- Godrej
Properties Limited
- Unitech
Limited
- Prestige
Estates Projects Ltd
- Larsen
& Toubro Limited
- Shapoorji
Pallonji & Company Private Limited
- Mahindra
Lifespace Developers Ltd
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“India Affordable Housing Market stood at
USD 1824.35 million in 2022 and is expected to register a CAGR of 19.80% during
2023E-2028F owing to rising middle-class population, government initiatives and
increasing working population. The Indian government has launched numerous
initiatives such as Pradhan Mantri Awas Yojana (PMAY), Affordable Housing in
Partnership (AHP), and Credit Linked Subsidy Scheme (CLSS), to encourage
affordable housing for all. These efforts give financial help, subsidies, and
tax benefits to developers and purchasers, therefore making it simpler to
purchase affordable houses. Additionally, the Union Budget was planned in
Budget 2023, offering a considerable boost to the affordable housing industry.
The Pradhan Mantri Awas Yojana (PMAY) budget was increased by 66% over the past
year. The Urban Infrastructure Development Fund (UIDF), which is likely to be
employed to create urban infrastructure in Tier 2 and Tier 3 cities, was
recently launched by the finance minister of the nation. Therefore, the market
for affordable housing across the country is expected to rise during the
forecast period, 2024-2028F,” said Mr Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Affordable
Housing Market Segmented By Providers (Government, Private Builders,
Public-Private Partnership), By Income Category (EWS, LIG, MIG), By Size of
Unit (Up to 400 square feet, 400-800 square feet, Above 800 square feet), By
Location (Metro, Non-Metro), By Population (Slum Population, Non-Slum
Population), By Region, Competition, Forecast & Opportunities, 2028F”, has evaluated the future growth potential of India Affordable Housing market
and provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the India Affordable Housing market.
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