PM Narendra Modi’s “Housing for All” program aims to construct 20 million homes across the country.
Prime Minister Narendra Modi’s aims to bring homes to the country’s 1.3 billion people, rising incomes and the best affordability in two decades will unleash a $1.3 trillion wave of investment in housing over the next seven years, according to CLSA India Pvt.
60 million new homes are expected to build between 2018 and 2024, creating about 2 million jobs annually and giving a tailwind of as much as 75 basis points to India’s gross domestic product.
Modi has been on a mission to expand affordable housing in Asia’s third-largest economy. In February, the government granted affordable-housing builders “infrastructure status,” making them eligible for state incentives, subsidies, tax benefits and institutional funding. In June 2015, he announced a “Housing for All” program which aims to construct 20 million homes across the country.