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.
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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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