NEW DELHI: Union housing and urban affairs minister Manohar Lal on Friday called for coordinated efforts among policymakers, financial institutions and urban planners to make housing finance more accessible and inclusive, amid projections of a sharp rise in India’s urban population.
Speaking at a conference organised by the National Housing Bank (NHB) and the Asia Pacific Union for Housing Finance (APUHF), the minister emphasised the need for integrated urban planning, including transport-linked housing development and policy innovation to address future demand.
Citing a joint study by NITI Aayog and the ministry of housing and urban affairs, Lal said India’s urban population was estimated at around 500 million in 2021 and is projected to exceed 850 million by 2050. He said this demographic shift would significantly increase demand for affordable housing and require a corresponding expansion in urban infrastructure and housing finance.
The minister proposed exploring innovative mechanisms such as a national housing exchange supported by comprehensive data on housing availability across locations. Such a platform, he said, could help citizens identify homes closer to workplaces and enable property exchanges that reduce commute time.
He also highlighted the importance of transit-oriented development (TOD) models to align housing growth with public transport infrastructure, making cities more sustainable and accessible.
Lal urged banks, housing finance companies and the National Housing Bank to collaborate more closely to expand credit support and facilitate growth in housing supply nationwide.
