In an exclusive interaction with Times Now Digital, Niranjan Hiranandani Founder & Chairman, Hiranandani Group highlights the new trends emerging in India’s housing market as well as explains what will drive growth for India’s housing market going forward. Given below is an excerpt of the full interaction.
Q. What are the top five trends that you are witnessing in the housing market?
A. Everyone needs a shelter. I think the need for a shelter is growing simply because the GDP of the country is growing. We see a lot of middle class coming up. In the last two years, we saw 10% growth and this year 12-13% growth in the housing sector. So I think overall the growth story is there in the housing sector. So irrespective of what people may say, the demand in the terms of housing has grown.
Q. However, affordable housing still remains a challenge, so how can we tackle that?
A. I’m glad you mentioned it. In the case of affordable housing, in the last one and a half years, we have seen a 20% drop in affordable housing which has taken place. It’s a dangerous sign and something which I am concerned about and I am sure the government is concerned about. We have one suggestion which is very strong, which is that we need to create the concept of affordable rental housing, and that needs to come. The government needs to see that the benefit given for purchase of affordable housing, which took place a couple of years ago should now be given to rental housing and I think it should be across the board, not only the affordable segment, because rental housing is needed in all segments of society. This concept which you talk about rental is here to stay, which is good because then we’ll try and create more affordable rental housing rather than just buying, because land is becoming expensive, all other costs have gone up.
