The Rise of Affordable Housing in India's Residential Realty Market
Unpacking the Concept of Affordable Housing
Affordable housing is a notion that has gained unequivocal acceptance in the Indian real estate landscape. The tumultuous journey of the Indian economy, marked by a period of rapid growth followed by a recession, served as a pivotal learning curve for both homebuyers and service providers.
The Era of Double-Digit GDP Growth
During the heyday of India's economic boom, characterized by an annual GDP growth rate touching double digits, the real estate market witnessed unprecedented price surges. Whether it was a vehicle, a house, or even everyday products, everything came with a hefty price tag. However, banks played a crucial role in mitigating the woes of investors by offering a wide array of loans.
The Post-Recession Scenario
With the recession now firmly in the rearview mirror, the concept of affordable housing has emerged as a beacon of hope. It is this very segment that has been instrumental in the residential realty market's robust recovery. In this context, it is hardly an exaggeration to regard 'Affordable Housing' as the cornerstone of the residential realty market.
Key Takeaways:
- Affordable housing has been crucial for the recovery of India's residential realty market.
- The segment gained prominence post-recession.
- Banks' role in offering diverse loan options has been pivotal for investors.
- Affordable housing is now a foundational element of the residential property market in India.