$1.3 trillion housing boom set to be India's next growth driver
The housing sector is at a tipping point and will be the economy’s next big growth driver. PM has launched a drive to bring homes to the country’s 1.3 billion people. The causes are rising incomes and the best affordability which will unleash a $1.3 trillion wave of investment in housing over the next seven years.
It is expected that 60 million new homes will be built between 2018 and 2024, creating about 2 million jobs annually and giving a boost to India’s GDP. The volume of social and affordable housing will rise almost 70 percent to 10.5 million annually by 2024.
The catalyst is the government’s big push for an ambitious housing program. The government granted affordable-housing builders “infrastructure status,” making them eligible for state incentives, subsidies, tax benefits and institutional funding.
In June 2015, it announced a “Housing for All” program which aims to construct 20 million homes across the country. It also announced rebates and interest waivers for home loans under the program.