India's Affordable Housing Shortage: A Growing Crisis

The supply of affordable homes in India's major cities fell by 30% last year, sparking concerns of a looming housing crisis. This decline is attributed to a developer shift toward luxury housing. Without intervention, experts warn of a situation similar to what has occurred in Australia and Canada.

India faces a critical shortage of affordable and mid-income housing, with new data revealing a 30% decrease in the supply of homes costing up to Rs 1 crore across nine major cities.

According to real estate analytics firm PropEquity, the focus of developers has shifted towards luxury housing, leading to significant declines in available units in cities like Bengaluru, Chennai, Hyderabad, and more.

Founder and CEO of PropEquity, Samir Jasuja, warns that if not attended to by the government, this could result in a housing crisis seen in countries such as Australia and Canada, urging the need for incentives to boost housing supply and enhance demand.

(With inputs from agencies.)