Report: Government reforms over the past decade resulted in a 40% rise in completed housing projects.

Government Reforms Spark Boom in Indian Housing Market

A recent report by Anarock and NAREDCO highlights the success of government reforms in boosting the Indian residential market. Here are the key takeaways:

• Completion Rates Soaring: The number of completed housing units has seen a significant rise. In 2022 alone, completions jumped by 44% compared to 2021. This trend is expected to continue, with projections exceeding 531,000 units completed in 2024, compared to an average of 250,000 units from 2017-2021.
• Demand on the Rise: Over 2.82 million homes were sold in the top 7 cities between 2014 and 2023, demonstrating a surge in housing demand. This period also saw the launch of over 2.93 million new housing units.
• Key Reform Initiatives: The report credits several government reforms for this positive shift:
  • SWAMIH Fund: This initiative revived stalled affordable and mid-income housing projects by providing financial support. It successfully completed around 26,000 homes between 2019 and 2023, with an additional 80,000 expected in the next three years.
  • Real Estate Regulatory Authority (RERA): This regulatory body has addressed transparency and accountability concerns. Over 121,000 complaints have been resolved and 123,000 projects registered across states.
  • Pradhan Mantri Awas Yojana (PMAY): This scheme has made affordable housing a reality for many, with nearly 41 million homes sanctioned under PMAY (Urban) and PMAY (Gramin) schemes combined.
• Demonetization's Impact: The report acknowledges the short-term disruption caused by demonetization, which led to the exit of unethical developers and market consolidation.
• Market Outlook: The report predicts a market size of $1 trillion by 2030, up from $200 billion in 2021. This growth is expected to significantly contribute to India's GDP and job creation. Additionally, pan-India housing inventory overhang has dropped significantly, indicating faster property sales.

Overall, the report paints an optimistic picture for the Indian housing market, fueled by successful government reforms and a growing economy. Factors like stable governance, favorable interest rates, and increased private investment are expected to further propel the sector's growth.

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