Title page
Contents
Abstract/Resume 4
A persistent shortage with many vacant units points to large imbalances in the housing market 8
Making the housing market more efficient 20
Improving affordability of housing with government support 26
References 35
Table 1. Progress in the amendment of rent control has been slow 19
Table 2. Easing the business environment would help the housing sector 23
Table 3. The Floor Space Index is very low in India 25
Table 4. The Credit Linked Subsidy Scheme 29
Table 5. Main recommendations for providing better housing for all 35
Figure 1. Affordability has improved but remains an issue 8
Figure 2. The urban housing shortage has worsened 9
Figure 3. The share of people living in slums is comparable to other EMEs but high in some states 10
Figure 4. Housing conditions are better in rich states 11
Figure 5. Fewer homeless people in rural areas but more in urban areas 12
Figure 6. Access to basic services has improved 13
Figure 7. Housing prices have decelerated 14
Figure 8. Low income groups cannot afford a house 15
Figure 9. Affordability in the rental market is less of an issue than in some other emerging economies 15
Figure 10. Housing vacancy rates in urban areas are large 16
Figure 11. The share of tenants is small 17
Figure 12. Rental yields are low 18
Figure 13. The share of urban population will increase rapidly 20
Figure 14. Registering a property is long and costly 24
Figure 15. India is a dense country 25
Figure 16. Transactions costs are high compared to other EMEs 26
Figure 17. Progress on the Housing for All programme 30
Figure 18. Housing credit has increased more than total credit 33
Figure 19. Household indebtedness is low compared with other countries 33
Figure 20. Credit regulation and information could be improved 34
Boxes
Box 1. The Real Estate (Regulation and Development) Act: a game changer 21
Box 2. Past housing programmes in India 26
Box 3. Pradhan Mantri Awas Yojana - Housing for all 28
Box 4. Social housing in selected economies 32