Affordable Housing has been the biggest driver for growth in the real estate sector and along with the implementation of Pradhan Mantri Awas Yojana (PMAY) has reduced urban India’s housing shortage by 60%, revealed a Magicbricks Report – Residential Real Estate: Urban Housing Deficit Down 60%.

The report ‘Urban Housing Deficit Down by 60% states that more than 9 lakh houses of upto Rs. 50 lakh each have been completed in just over three years and over 30 lakh have been approved. Over 60 lakh houses have been sanctioned under the PMAY (U) till 15th Oct 2018, out of which 33 lakh are under beneficiary-led construction (BLC).

Around 58.25 lakh houses are in 30 sq m (EWS) category. The cost of a BLC house ranges from Rs 3.5-5 lakh. However, the cost may go upto Rs 7.5 lakh in hilly states and some UTs. By March 2019, the government intends to sanction at least 75 lakh houses in urban India. These numbers of houses under PMAY are significant in that they address the burgeoning urban housing shortfall in the EWS and LIG categories.

The report also said that almost 40% of home buyers feel that PMAY benefits have helped them arrive at the decision to buy a house. 

....