News Excerpt:

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

About the news:

• According to the National Real Estate Development Corporation (NAREDCO), the fund 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 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.
• 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.
• 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. 
• Data indicates that at least 44% more units were completed in 2022 as compared to 2021. As of 2023, the 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.