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The 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, in accordance with Section 42 of the National Housing Bank Act, 1987.
The report provides a comprehensive analysis of the housing sector, including trends in house prices, key government initiatives, the role of Primary Lending Institutions (PLIs) in housing credit, the performance of Housing Finance Companies (HFCs), and the sector’s future outlook.
Key Highlights:
- As of September 30, 2024, the total outstanding individual housing loans stood at ₹33.53 lakh crore, reflecting a 14% growth compared to the same period in the previous year.
- The loan distribution as of September 30, 2024, shows that the Economically Weaker Section (EWS) and Lower Income Group (LIG) accounted for 39%, the Middle-Income Group (MIG) for 44%, and the Higher Income Group (HIG) for 17% of outstanding individual housing loans.
- During the six-month period ending September 30, 2024, ₹4.10 lakh crore was disbursed in individual housing loans, while the total disbursement for the financial year ending March 31, 2024, stood at ₹9.07 lakh crore.
- The Housing Price Index (NHB-RESIDEX) recorded a 6.8% year-on-year increase for the quarter ending September 2024, up from 4.9% in the previous year.
- The report highlights key government initiatives such as PMAY-G, PMAY-U, the impact assessment of PMAY-U, the Urban Infrastructure Development Fund (UIDF), and the Affordable Rental Housing Complexes (ARHC) scheme.
- Regional disparities in credit flow and climate-related risks are identified as key challenges. However, the report also emphasizes growth opportunities through advancements in construction technology, digitization of land records, and other reforms.
The outlook for the housing sector remains strong, supported by policy measures such as PMAY 2.0, increasing urbanization, transit-oriented development, and digitization, which are expected to drive further growth.