Report highlights the performance of Indian housing sector fuelled by changing buyer preferences and various government initiatives

National Housing Bank (NHB), a statutory body under the Government of India has released the Report on Trends and Progress of Housing in India, 2024 pursuant to provisions of Section 42 of National Housing Bank Act, 1987.

The report broadly covers the housing scenario and house price movements, flagship programmes of GoI on housing sector, role of Primary Lending Institutions (PLIs) in providing housing credit, performance of Housing Finance Companies (HFCs) and outlook for the sector.

Key highlights are:

• Individual housing loans outstanding as on 30-09-2024 stood at ₹33.53 lakh crore, showing growth of 14% over the corresponding period of previous year.
• As on 30-09-2024, EWS & LIG accounted for 39%, MIG accounted for 44% and HIG accounted for 17% of outstanding individual housing loans.
• Individual housing loan disbursements during half year ended 30-09-2024 were ₹4.10 lakh crore while disbursements during the year ended 31-03-2024 were ₹9.07 lakh crore.
• For the quarter ended September 2024, the Housing Price Index (NHB-RESIDEX) recorded y-o-y increase of 6.8% as compared to 4.9% during previous year.
• Major initiatives of GoI, such as PMAY-G, PMAY-U, impact assessment of PMAY-U, Urban Infrastructure Development Fund (UIDF), Affordable Rental Housing Complexes (ARHC) scheme, etc. have been covered in the report.
• The report identifies regional disparities in credit flow and vulnerability to climate related risks, as some of the key challenges to be addressed by the sector. It also identifies technological advancements in construction, digitization of land records etc. as some of the factors which will facilitate growth opportunities for the sector.

Outlook for the housing sector remains promising, driven by budget announcements on PMAY 2.0, urbanization, transit-oriented development, digitization and other factors.

NHB report under Section 42 highlights housing finance trends, programmatic drivers, credit disparities and climate vulnerabilities. Pursuant to Section 42 of the National Housing Bank Act, 1987, the NHB's Report on Trends and Progress of Housing in India, 2024 summarizes housing finance volumes and disbursements, segmentation of outstanding individual housing loans by income groups, and recent y o y movement in the NHB-RESIDEX price index; it reviews government housing programmes, the roles of PLIs and HFCs, and identifies regional credit disparities, climate-related vulnerabilities and technological and digitization factors as key drivers and challenges for the sector's outlook.