Small ceramic tiles are replacing small windows in some buildings as India’s housing market recovers
Posted On July 25, 2021
Small ceramic tile tiles are being replaced by large glass tiles to make more space for smaller windows, which is expected to help the housing market recover from the shock caused by the 2008-09 financial crisis, officials said.
India’s housing stock has been rocked by the collapse in real estate prices following the global financial crisis and by the sharp fall in the value of the rupee.
The government is looking at replacing the smaller glass tiles with large ceramic tiles to keep up with demand, which has fallen sharply.
Experts said India’s real estate market could recover from this, but only if the government has a plan to revive the economy.
About 60% of the population live in slums and about 3.6 million people are living in slum-like conditions, according to the United Nations.
For the first time in years, the Indian housing market is expected back to normal soon, said Amit Gupta, chief executive officer of Kishan Capital, a Mumbai-based real estate investment fund.
“The government has done a very good job in reviving the economy, and the new measures are going to help bring back a little bit of the market that was hit by the crisis,” he said.
A total of 9.7 million flats have been converted to apartment accommodation, about 1.6m of which are apartments.
A new survey by real estate consultancy PwC has found that the proportion of people living in apartments is rising faster than the population in the country.
The share of the urban population living in housing is expected in 2020 to be 30% to 40%.