India needs 30 million more affordable homes by 2030: Report
A fresh report from NAREDCO and Knight Frank India shows India's cities are facing a huge shortage of affordable homes—currently short by 9.4 million units, and that gap could triple to 30 million by 2030.
Even with government efforts like Pradhan Mantri Awas Yojana, the share of affordable housing launches in the top eight cities has dropped sharply from 52.4% in 2018 to just 17% this year.
EMIs now eat up 60% of EWS households' income
Buying a home is getting tougher for EWS households, with EMIs now eating up about 60% of their income compared to 43% back in 2020.
The report points to high land prices, slow approvals, and not enough private investment as major roadblocks.
It suggests solutions like using government land, raising floor space limits (FSI), offering cheaper loans, tax breaks for builders, and new incentives to get developers on board with affordable housing projects.