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 today. 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.
NHB report noted that individual housing loans outstanding as on 30-09-2024 stood at Rs 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 Rs 4.10 lakh crore while disbursements during the year ended 31-03-2024 were Rs 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.