Ajjay Parge, Founder of Qubit India, Talks Innovation in Technology

Ajjay Parge, Founder, Qubit India,  

"Affordable housing in India has been a hiccup in the real estate sector over the past two years, with the availability of homes under ₹1 crore shrinking by 36%. To narrow the housing gap within the affordable segment and to maximize market potential, the government has provided the much needed push by addressing the existing challenges on both the demand and supply sides. The proposed ₹15,000 crore SWAMIH Fund 2, which is a blended finance facility with contributions from the government, banks, and private investors, directly addresses these challenges by unlocking liquidity for stalled projects and ensuring the completion of 1 lakh housing units.

On the supply side, it will relaunch stalled projects, helping developers complete homes efficiently and reduce financial distress in real estate. On the demand side, it gives much-needed relief to middle-class families dealing with both loan payments and rent, thus ensuring more affordable housing options.

With India's affordable housing shortage projected to reach 31.2 million by 2030, targeted financial support is essential to align affordability with availability. This initiative not only strengthens the real estate sector’s resilience but also helps affordable housing segment to align with the growth trajectory of luxury housing, advancing India toward a $4.8 trillion real estate market by 2047, contributing 18% to the projected" $26 trillion GDP."