Current Shortage Of 4 Cr Homes In The Country: LIC Housing Finance

New Delhi: There shortage of about 4 crore houses in both urban as well as rural parts of the country and various demographic factors could lead to a demand of another one crore houses per annum, according to LIC Housing Finance Ltd.

“Population growth of 1.3 percent per annum, favourable demographics, ‘nuclearisation’ of families, migration to urban areas, fiscal benefits, rising income / aspirations, all that could lead to another one crore per annum demand for houses,” says the company in its annual report for 2018-19.

The company also says that the affordability of residential property has gone up in the last three years since the property prices have remained almost the same but the incomes of people have gone up. 

Even the interest rates in the country have gone down and the EMIs are lower by about 15 percent from the peak level about five years ago.