New Delhi [India], March 12 (ANI): The individual housing loans outstanding as of September 30, 2024, stood at Rs 33.53 lakh crore, marking a 14 per cent growth compared to the same period in the previous year, according to the report launched by the National Housing Bank (NHB).
This suggests that the housing sector is growing well. According to the Ministry of Finance, which quoted the NHB, the share of housing loans by category stood at 39 per cent for Economically Weaker Sections (EWS) and Lower Income Group (LIG), 44 per cent for Middle Income Group (MIG), and 17 percent for High-Income Group (HIG).
Individual housing loan disbursements were recorded at Rs 4.10 lakh crore during the half-year that ended September 2024, while for the full financial year 2023-24, disbursements reached Rs 9.07 lakh crore.
Meanwhile, the Housing Price Index (NHB-RESIDEX) reported a year-on-year increase of 6.8 per cent for the September 2024 quarter, up from 4.9 per cent in the previous year, indicating continued demand in the housing market.
The report highlights significant growth in individual housing loans, price movements, government initiatives, and key challenges in the sector.
The report covers major initiatives of GoI, such as PMAY-G, PMAY-U, the impact assessment of PMAY-U, the Urban Infrastructure Development Fund (UIDF), the Affordable Rental Housing Complexes (ARHC) scheme, etc.
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 that will facilitate growth opportunities for the sector.
Highlighting the major observations in the report, the Finance Ministry said that the Outlook for the housing sector remains promising, driven by budget announcements on PMAY 2.0, urbanization, transit-oriented development, digitisation and other factors.
The National Housing Bank (NHB) is the country’s major financial institution for the housing sector, established in 1987 by an Act of the Indian Parliament. The institution is responsible for regulating and licensing housing finance companies in the country. (ANI)
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