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India plans housing boom to boost growth

by ChemOrbis Editorial Team -
  • 09/05/2017 (13:50)
According to Bloomberg, India is planning to build 60 million new homes between 2018 and 2024 with an investment of $1.3 trillion in order to support the country’s economy. The reports revealed that the housing will increase by around 70% by 2024 when compared to the current 33%, which will eventually add 75 basis points to the country’s GDP.

Housing had reportedly been growing at the fastest pace ever before the nation’s currency was demonetized and the high value banknotes, which correspond to 86% of all cash in the country, were banned in November 2016. Although home sales had dipped following the cash ban decision, it has recently shown signs of recovery with sales in 19 cities jumping by 19% in Q1 of 2017 after a drop of 20% in the previous quarter.
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