NEW DELHI: On Friday, Union Housing and Urban Affairs Minister Manohar Lal stressed the necessity for cooperation among policymakers, financial institutions, and urban planners to improve accessibility and inclusivity in housing finance, especially with the anticipated surge in India’s urban population.
During a conference organized by the National Housing Bank (NHB) and the Asia Pacific Union for Housing Finance (APUHF), the minister underscored the importance of integrated urban planning, which includes developing housing linked to transportation and innovative policies to meet future demand.
Citing a joint study conducted by NITI Aayog and the Ministry of Housing and Urban Affairs, Lal noted that India’s urban population was approximately 500 million in 2021, with projections suggesting it will surpass 850 million by 2050. He emphasized that this demographic shift would significantly increase the demand for affordable housing, necessitating an expansion in urban infrastructure and housing finance.
The minister suggested exploring novel mechanisms, such as a national housing exchange that would provide comprehensive data on housing availability. Such a platform could assist citizens in finding homes closer to their workplaces, thereby reducing commute times.
He also highlighted the significance of transit-oriented development (TOD) models, which align housing growth with public transport infrastructure, making cities more sustainable and accessible.
Lal called for stronger collaboration among banks, housing finance companies, and the National Housing Bank to enhance credit support and facilitate housing supply growth across the nation.
