Increasing disposable income to drive the growth of India affordable housing market
According to TechSci Research report, “India Affordable Housing Market By Providers (Government, Private Builders, Public-Private Partnership), By Income Category (EWS, LIG, MIG), By Size of Unit (Up to 400 square feet, 400-800 square feet, Above 800 square feet), By Location (Metro v/s Non-Metro), By Population (Slum Population v/s Non-Slum Population), By Region, Forecast & Opportunities, 2025”, the India affordable housing market is expected to grow at an impressive rate during the forecast period on account of the decreasing average household size. A paradigm shift has been observed from joint family/ large family to nuclear families, who are coming out of their families to have an independent living, thereby increasing the demand for affordable housing in the country. Also, culture of home ownership prevalent in the Indian society, significantly drives the market growth. Additionally, increasing urbanization is expected to fuel the market growth over the next five years. Besides, growing prices of premium houses and properties increase the affordability and budget constraints, thereby positively influencing the market growth. However, land scarcity in the country might hamper the market growth through 2025. Also, location plays an important role. The location should be close to the city center and all the major important amenities should be accessible from there. This might also pose a challenge to the market growth. Besides, loan approval issues due to associated risks might further restrict the market growth over the next few years. Furthermore, limited participation of private players and builders is further expected to impede the market growth.
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The India affordable housing market is segmented based on providers, income category, size of unit, location, population, company, and region. Based on providers, market can be categorized into government, private builders and public-private partnership. Here, the government segment is expected to dominate the market. This can be ascribed to the fact that private builders avoid entering into such projects since they are time consuming, especially the approval procedure and offer low profit margins. On the other hand, the public-private partnership segment is expected to hold the largest share and is expected to emerge out as the leading segment in the affordable housing market during the forecast period. This can be ascribed to the fact that there is no land issue as the government has land and the private players can get it simply by bidding. Also, the government offers them subsidies, tax benefits and reduces the duties. This in turn decreases the overall developmental costs. Based on income category, the market can be categorized into EWS, LIG and MIG. Here, the MIG segment is expected to dominate the market owing to the increasing disposable income and purchasing power of this category.
TATA Housing Development Co., Ltd., Migsun Group, Nila Infrastructures Ltd., WorldHaus Construction Pvt. Ltd., Larsen & Toubro Ltd., Shapoorji Pallonji & Co. Ltd, Godrej Properties, DLF Group, Prestige Group, Unitech India and others are some of the leading players operating in India affordable housing market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“India affordable housing market is expected to witness significant growth during the forecast period on account of the associated low development costs. The economic slowdown of 2009 brought the concept of affordable housing in focus. Ever since the government is investing and forming policies & schemes to popularize this concept. Additionally, supportive government policies such as Pradhan Mantri Awas Yojana, Rajiv Gandhi Awas Yojana, Affordable Housing in Partnership Scheme, Integrated Housing & Slum Development Programme, among others, are expected to create lucrative opportunities for the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based India management consulting firm.
“India Affordable Housing Market By Providers (Government, Private Builders, Public-Private Partnership), By Income Category (EWS, LIG, MIG), By Size of Unit (Up to 400 square feet, 400-800 square feet, Above 800 square feet), By Location (Metro v/s Non-Metro), By Population (Slum Population v/s Non-Slum Population), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of India affordable housing market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India affordable housing market.