Individual housing loans in Delhi surge 14% to Rs 33.53 lakh crore in 2024

                Housing loans outstanding reached ₹33.53 lakh crore by the end of September, marking a 14% year-on-year growth, with the Middle-Income Group (MIG) segment 
accounting for the 
maximum credit at 44%. The outlook for the housing sector remains positive, fueled by initiatives like Pradhan Mantri Awas Yojana 2.0, urbanization, and digitization, a 
report by 
National Housing Bank has said.
However, regional disparities in credit flow pose a challenge, as Southern, Western, and Northern states dominate housing finance disbursements, while the eastern and 
northeastern 
regions see lower penetration, it said.
National Housing Bank (NHB), a statutory body under the Government of India has released the Report on Trends and Progress of Housing in India, 2024 that covers the 
housing 
scenario and house price movements, flagship programmes of the government on housing sector, role of Primary Lending Institutions (PLIs) in providing housing credit, 
performance 
of Housing Finance Companies (HFCs) and outlook for the sector.
"As on September 30, 2024, EWS and LIG accounted for 39 per cent, MIG accounted for 44 per cent and HIG accounted for 17 per cent of outstanding individual housing 
loans," the 
report said.
It said individual housing loan disbursements during the half year ended September 2024 were ₹4.10 lakh crore while disbursements during the year ended March 2024 
were ₹9.07 
lakh crore.
"Major initiatives of GoI, such as PMAY-G, PMAY-U, impact assessment of PMAY-U, Urban Infrastructure Development Fund (UIDF), Affordable Rental Housing Complexes 
(ARHC) 
scheme, etc. have been covered in the report," it said.
It also said the outlook for the housing sector remains promising, driven by budget announcements on PMAY 2.0, urbanisation, transit-oriented development, digitisation 
and other 
factors.
The report noted that housing finance companies (HFCs) have played a pivotal role in the Indian housing sector by catering to the diverse needs of homebuyers. Owing to 
their flexible 
eligibility criteria, robust customer service, efficient documentation, and reduced processing time, HFCs have secured their place in the Indian financial landscape.
Challenges to be addressed by the housing sector
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 which will facilitate growth opportunities for the sector.
The Southern, Western and Northern States of the country account for 35.02 per cent, 30.14 per cent and 28.73 per cent share respectively, of the cumulative 
disbursements done 
during H1FY 2024-25 whereas the share of Eastern states (inclusive of the north-eastern states) is 6.10 per cent. The North-eastern states account for 0.68 per cent of the 
total IHL 
disbursements during the H1FY 2024-25, it noted.
Vulnerability to climate-related risks, such as floods, fires, and extreme weather events. There is a growing need to make buildings more resilient and energy efficient, it 
said.
At present, there are limited number of institutions providing green building certifications and there is no equivalence of rating certifications provided by different agencies. 
The higher 
cost of green materials for construction is challenging, it added.
This is what real estate experts have to say about the NHB report
Commenting on the report, Ashok Kapur, chairman, Krishna Group and Krisumi Corporation, said that India’s housing sector is on a strong growth path, fueled by rising 
homeownership aspirations, rapid urban expansion, and supportive policies. The National Housing Bank's report highlights this momentum, with individual housing loans 
increasing by 
14% and home prices continuing their steady rise.
Pradeep Aggarwal, founder and chairman, Signature Global (India) Ltd, said that the NHB report reinforces “what we’ve been seeing in the market—the mid-income group 
(MIG) is 
becoming the backbone of the housing sector, making up 44% of outstanding individual housing loans. This segment is growing rapidly, driven by urbanization, increasing 
incomes, 
and supportive government policies, reflecting a strong desire for homeownership.”




Source : Hindustan Times