“India Affordable Housing to Reach over 22 Million Units by 2022- says RNCOS”
India is a country with huge diversity in demographic & income and one of the fastest growing economies in the world. The country houses over 200 Million middle class people and house is the fundamental need. Apart from this, significant distribution of lower middle class and economic backward section is also part of the urban and rural population.
India has seen whopping growth in its population and migration to cities has become a continuous process. This requires large number of houses to accommodate this migrating population and Indian cities are left with abundant demand for houses and significant shortage for the same. On the country level, there is a shortfall of over 18 million housing units and 96% of which is among Economically Weaker Sections (EWS) and Lower Income Groups (LIG) people. The shortage of urban housing is expected to grow at a CAGR of 6.6% till 2022.
RNCOS has identified top 5 states for affordable housing, where Maharashtra alone had a shortage of around 1.2 Million houses and demand of 1.6 Million houses in 2015. Emphasizing on potential of this industry, Shushmul Maheshwari, CEO – RNCOS “growing urbanization and consistent rise in middle class population coupled with an increase in their income have been the major growth drivers of Affordable Housing Market in India. He also highlighted “the policy announcement like credit- linked interest subsidies aimed at making housing loans a viable option for the EWS sections of society and slum rehabilitation and redevelopment through private developer. These developments are expected to benefit affordable house manufacturers. “
Our analysis suggests that Governments continued focus to provide housing to all by 2022 is anticipated to drive affordable housing in India. Metro, Tier II and Tier III cities will witness substantial housing construction owing to strong policy support like Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Pradhan Mantri Awas Yojna (PMAY) coupled with rising disposable income among EWS, LIG and Middle Income Groups (MIG) segment.
Growing housing demand is providing huge opportunity to construct houses for EWS, LIG and MIG customer segments in the next few years, which will stimulate the growth of the industry. RNCOS acts as your growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help to make your business flourish by studying the market dynamics, collating with you business and devising the right strategies.
To get a complimentary copy of the white paper, please click: http://rncos.viewpage.co/Affordable-Housing-in-India
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