• The National Housing Bank (NHB) recently released the Report on Trends and Progress of Housing in India 2024, analyzing the housing market, loan trends, price indices, and government initiatives impacting housing finance.

Key Highlights:

• Housing Loan Growth: As of September 30, 2024, individual housing loans outstanding reached ₹53 lakh crore, marking a 14% growth year-on-year(YoY)
• Loan Distribution:

1. 1. Economically Weaker Sections (EWS) & Low-Income Group (LIG): 39%
   2. Middle-Income Group (MIG): 44%
   3. High-Income Group (HIG): 17%

• Disbursements: ₹10 lakh crore (H1 2024) and ₹9.07 lakh crore (FY 2023-24).
• Housing Price Index (NHB-RESIDEX): 6.8% YoY increase (Q3 2024) vs. 4.9% last year, indicating rising property values.
• Government Schemes: Pradhan Mantri Awas Yojana-Gramin (PMAY-G) , Pradhan Mantri Awas Yojana-Urban (PMAY-U) and Urban Infrastructure Development Fund (UIDF)driving housing accessibility.
• Challenges: Regional disparities in housing credit; Eastern & Northeastern states lag behind.
• Role of Housing Finance Companies (HFCs): Critical for housing finance but limited outreach in underserved areas.
• Future Outlook: PMAY 2.0, urbanisation, digitisation, and tech-driven housing solutions to boost growth.