Affordable housing: $1.3-trillion boom to be India's next growth driver

Narendra Modi has been on a mission to expand affordable housing in Asia's third-largest economy

In a country where slums sit cheek-by-jowl next to palatial luxury — including what’s been reported as the world’s most expensive private home — India’s unhoused may soon become a more potent economic growth driver.

Prime Minister Narendra Modi’s drive to bring homes to the country’s 1.3 billion people, rising incomes and the best affordability in two decades will unleash a $1.3-trillion wave of investment in housing over the next seven years, according to CLSA India Pvt.

The firm expects 60 million new homes to be built between 2018 and 2024, creating about two million jobs annually and giving a