Deepak Parekh, Former Chairman, HDFC
The urbanization in India is an irreversible trend. Currently 32 percent of the population resides in cities and this is expected to be 40 percent by 2030. And India’s economy being one of the fastest growing major economies of the world serves as a booster for urbanization and the real estate market which is likely to touch USD 1 trillion by 2030.
The Indian government has been supporting housing through PMAY (Pradhan Mantri Awas Yojana) and other policies. The CLSS (Credit Linked Subsidy Scheme) under PMAY is a game changer for economically weaker sections and low income groups looking for affordable housing.
The real estate market in India needs a lot more affordable and mid-income housing stock. The demand for affordable housing is immense and so is the demand potential of home loans. Especially as the mortgage to GDP ratio in India is still very low at 11 percent, compared to upwards of 60 percent to 90 percent in western world.
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