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Migration to tier I and II cities for work by the middle class and lower middle class population for better job opportunities is a common phenomenon in India. This creates burden on these cities to provide housing to all. Affordable housing is an important step in addressing this fundamental need. The growth in population also increases the need for affordable housing. There is a shortfall of over 18 million housing units and 96% of which is among Economically Weaker Sections (EWS) and Lower Income Groups (LIG) people. The shortage of urban housing is expected to grow at a CAGR of 6.6% till 2022.
 
There are five states with large influx of people which clearly reflect the shortage of housing. Maharashtra alone had a shortage of around 1.2 Million houses and demand of 1.6 Million houses in 2015. Emphasizing on potential of this industry, Shushmul Maheshwari, CEO – RNCOS “growing urbanization and consistent rise in middle class population coupled with an increase in their income have been the major growth drivers of Affordable Housing Market in India. He also highlighted “the policy announcement like credit- linked interest subsidies aimed at making housing loans a viable option for the EWS sections of society and slum rehabilitation and redevelopment through private developer. These developments are expected to benefit affordable house manufacturers.
 
Government is focused on the development of the housing sector to ensure affordable housing for all by the year 2022. With the strong policy support like Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Pradhan Mantri Awas Yojna (PMAY) coupled with rising disposable income among EWS, LIG and Middle Income Groups (MIG) segment.
 
Growing housing demand is expected to provide huge opportunity to construct houses for EWS, LIG and MIG customer segments in the next few years, which will stimulate the growth of the industry. RNCOS acts as your growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help to make your business flourish by studying the market dynamics, collating with you business and devising the right strategies.
 
Download the white paper from this link: http://rncos.viewpage.co/Affordable-Housing-in-India
 
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