Homing in on new habitat

Urbanisation has accelerated in India as a result of population and economic growth, with the number of metropolitan towns and cities skyrocketing. This expansion is projected to continue in the coming years. New Delhi, Mumbai, Bengaluru, Hyderabad, Ahmedabad, Chennai, Kolkata, Surat and Pune are the nine biggest cities. Urbanisation begins in these vast cities....

Over 40% of India's population is expected to be concentrated in its major cities by 2030. According to the Union ministry of housing and urban affairs, 70% of India's future cities have to be developed in order to meet the country's ever-growing urban population. Work from anywhere became more popular in 2021, and demand for affordable houses with ticket sizes less than ₹40-50 lakh has surged in tier 2 and 3 cities and towns, resulting in price increases in certain areas.

The one-year extension of the income-tax credit for affordable housing for both developers and buyers has boosted demand for this housing lot even more. GoI's 'Housing for All' initiative, which began in 2015, had planned to offer inexpensive housing to the urban poor and construct 2 crore affordable homes by March 31, 2022.


The initiative has bolstered this category, and many rules and regulations have been implemented to assist the economically disadvantaged in obtaining inexpensive housing, such as the Pradhan Mantri Awas Yojana (PMAY), and the GST rate reduction from 8% to 1% for the affordable housing market.

From 'Residential Real Estate Market in India: Growth, Trends, Covid-19 Impact and Forecasts (2022-27)', Mordor Intelligence