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THEME PAPER

and India, too, has a positive evidences the severity of the Awas Yojana – Urban
journey. However, India’s issue (Figure 7). (PMAY-U) (2015), the Atal
pace in attaining SDG targets Mission for Rejuvenation,
is tardy, and remains slower A focused comparison of and Urban Transformation
than that of China. residential property prices (AMRUT) (2015), the Smart
in select cities of India and
Housing Market and China prove that the estimate Cities Mission (SCM) (2015),
Prices in Beijing and Shanghai is and Swachh Bharat Mission
roughly three to five times (2014). Further, through a
Rapid acceleration in than that in Delhi and variety of other infrastructure
residential prices relative Mumbai, respectively. A projects of the government,
to household incomes, a similar picture is available for such as the Shyama Prasad
perceptible divergence gross rental yield, which is Mukherjee Rurban Mission
between fundamental prices roughly half .
3
and speculative prices, (SPMRM), the National
oversupply of residential Recent Policies and Infrastructure Pipeline (NIP)
spaces, and non-monitored Schemes and the PM Gati Shakti, etc,
shadow banking for financing well-distributed urbanization
indicate an imminent housing India is envisaged which will
bubble crash. This leads In the recent years, schemes consequently take care of the
towards the fact that housing that gained prominence inclusive housing needs of
in China has peaked. An under the Urban Missions the people.
overview of price to income
ratio among countries in 2021 include the Pradhan Mantri Government of India’s
initiative of providing
‘housing for all’ in urban areas
Figure 7: Price to Income Ratio among Asian countries, mid-2021
by 2022 through the PMAY-U
that was launched in 2015
deserves a special mention.
It has four verticals through
which the government aims
to address the housing
issues of the Economically
Weaker Sections (EWS) and
Low-Income Group (LIG)
households: In-situ Slum
Redevelopment (ISSR); Credit
Linked Subsidy Scheme
(CLSS) (which is further
categorized into CLSS I (for
EWS and LIG) and CLSS II
(Source: Numbeo; https://www.numbeo.com/property-investment/ (for middle-income groups);
rankings_by_country.jsp?title=2021®ion=142) Affordable Housing in
Partnership (AHP); and
3 https://www.liasesforas.com/blog/2019/05/23/the-property-market-of-the- Beneficiary-led Construction
real-estate-giants-india-and-china/ or enhancement (BLC), which

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