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HOUSING SOCIETIES

TIMELINE OF THE HOUSING MARKET IN  INDIA

1947-1960: Reconstruction and Stagnation

 

  • Following independence in 1947, India's housing market was characterized by a housing shortage, particularly in urban areas. This was due to the partition of the country, which led to mass displacement, and the legacy of British colonial rule, which had focused on infrastructure development at the expense of housing.

 

  • The government's response to the housing shortage was to launch several public housing projects, such as the Delhi Development Authority (DDA) in 1957. However, these projects were often slow and bureaucratic, and they did not meet the needs of the growing urban population.

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1960s-1980s: Slow Growth and Regulation

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  • The 1960s and 1970s saw slow growth in the housing market, due to factors such as government regulation, inflation, and political instability.

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  • The government introduced several measures to regulate the housing market, such as rent control and price controls. These measures were intended to make housing more affordable, but they also had the unintended consequence of discouraging investment in the sector.

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1990s-2000s: Liberalization and Boom

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  • The 1990s saw a period of economic liberalization in India, which led to a boom in the housing market.

  • The government relaxed regulations on the housing sector, and foreign investment was allowed. This led to an increase in investment in housing, and to the development of new housing projects, particularly in cities such as Mumbai, Delhi, and Bangalore.

  • Housing prices rose rapidly during this period, and many people made significant profits from investing in the property market.

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2000s-2010s: Slowdown and Consolidation

 

  • The housing market began to slow down in the late 2000s, due to several factors such as rising interest rates, the global financial crisis, and a slowdown in the Indian economy.

  • The slowdown led to several bankruptcies in the construction industry, and a decline in housing prices.

  • The government introduced several measures to support the housing market, such as tax breaks for first-time home buyers and increased spending on infrastructure development.

 

2010s-Present: Recovery and Transformation

 

  • The housing market began to recover in the early 2010s and has continued to grow in recent years.

  • This growth has been driven by several factors, such as rising incomes, urbanization, and government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) scheme, which aims to provide affordable housing to all Indians by 2022.

  • The housing market is also changing in terms of its composition. There is a growing demand for smaller, more affordable homes, as well as for homes in suburban and satellite towns.

  • The rise of technology is also having a significant impact on the housing market. Online platforms are making it easier for buyers and sellers to connect, and they are also changing the way that people search for and buy homes.

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