Anarock：驱动下一个十年：印度房地产金融转型之路（2026）（英文版）（21页）.pdf

1、Powering the Next Decade:Indias Real Estate FinanceTransformation Story32ForewordIndia Real Estate Financing Canvas62 Core Vehiclesof Real EstateFinancing in India21The Housing LoanLandscape in India34ContentsIndias real estate sector will absorb roughly 50 Lakh Cr of capital over the next decade.Th

2、e question is no longer whether the demand is there urbanisation,rising household incomes,and a generational shift toward formal housing have settled that argument.The question is whether the capital that funds this demand will be efficient,accountable,and broad-based,or whether the sector will repe

3、at the structural failures of the 201819 NBFC cycle.The decisions of the next three years on capital allocation,regulatory design,and product innovation will determine whether real estate reaches its trillion-dollar potential or stalls at half of it.The past decade re-engineered the sector quietly b

4、ut completely.Demonetisation in 2016 cut through informal capital.RERA reset the developerbuyer contract.GST forced formalisation.The collapse of IL&FS in 2018 and DHFL in 2019 exposed the fragility of an NBFC-led financing model that had been the sectors primary growth engine.COVID-19 stress-tested

5、 every balance sheet that survived.The sector that emerged is smaller in player count,more institutional in ownership,and structurally more disciplined though that discipline has come at the cost of access for almost everyone outside the top thirty developers.Housing finance is the elephant in the r

6、oom.At over 38 Lakh Cr,mortgage credit is by far the largest component of real estate financing in India,dwarfing every other vehicle combined.Around it,a more complex financing stack has emerged:five listed REITs with a combined market capitalisation of roughly 2.1 Lakh Cr,a maturing Alternative In