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SWAMIH helps in building 28,000 homes since 2019

The government backed SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund has helped in the completion of over 28,000 homes and projected to deliver another 60,000 homes in the next three years.

According to the National Real Estate Development Corporation (NAREDCO), the fund also played a critical role in the growth of many ancillary industries in the real estate and infrastructure sector having successfully unlocked liquidity of more than Rs 35,000 crore.

A joint report by property consultant Anarock and industry body Naredco also found that housing inventory overhang has seen a significant drop over the last 10 years.

The pan-India housing inventory overhang stood at 15 months at the end of 2023 – displaying a positive decline from 41 months in 2017, when available inventory was at its peak.

“Housing demand and new supply in the top 7 cities have soared in the last 10 years, particularly post the pandemic, and housing sales are now aligned with new launches,” said Anuj Puri, Chairman, Anarock group.

About 28.27 lakh units were sold in the top 7 cities between 2014 and 2023, while cumulative new launches stood at over 29.32 lakh units. Residential property prices have also registered significant demand-led growth across the top 7 cities. Over the last decade, average housing prices have appreciated in the range of 25-60% across these cities.

“A market size of US$ 1 trillion is expected by 2030, up from US$ 200 billion in 2021. This market size is expected to contribute 13% to India’s GDP by 2025, making the sector a pivotal contributor to economic development, employment, and government finances,” said Niranjan Hiranandani, Chairman, Naredco.

Data indicates that at least 44% more units were completed in 2022 as compared to 2021. As of 2023, top seven cities saw completion of nearly 4.35 lakh units while in 2024 it is estimated that more than 5.31 lakh units will be completed.

According to the latest government data, approximately 1.23 lakh real estate projects have been registered across states since RERA’s inception till date, and more than 1.21 lakh consumer grievances have been addressed across the country.

The report also highlights the positive impact of various other government-backed initiatives such as PMAY (Urban & Gramin), GST, demonetization, and the growing adoption of technology in real estate over the last decade.

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