Country’s slum clusters are emerging as a blessing in disguise for its growth story with the government’s initiative to get homes to the country’s 1.3 billion homeless masses. In the emerging scenario, affordability in the next two decades will unleash a $1.3 trillion wave of investment in housing sector, says CLSA India, in its recent findings. It expects 60 million new homes to be built between 2018 and 2024, creating about 2 million jobs annually and giving a tailwind of as much as 75 basis points to India’s gross domestic product. The volume of social and affordable housing will rise almost 70% to 10.5 million annually by 2024, exceeding the 33% increase in the premium market. The housing sector is at a tipping point and will be the economy’s next big growth driver, Mumbai-based analyst Mahesh Nandurkar wrote in a note recently. The catalyst is the government’s big push for an ambitious housing program. As a matter of fact, the PM has been on a mission to expand affordable housing in Asia’s third-largest economy and to achieve that, government granted affordable-housing infrastructure status, making the builders eligible for state incentives, subsidies, tax benefits, and institutional funding.
📅Published on:
15 May 2017
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