US$1.3t housing boom set to be India's next growth driver

New Delhi

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 US$1.3 trillion wave of investment in housing over the next seven years, according to CLSA India Pvt.