Housing Markets in Spain and the US: Some Lessons for India

48 Pages Posted: 14 Nov 2013

See all articles by Amandeep Singh

Amandeep Singh

Indian Institute of Management (IIMB), Bangalore

Amrit Nanda

Indian Institute of Management (IIMB), Bangalore

Charan Singh

Indian Institute of Management (IIMB), Bangalore

Date Written: November 14, 2013

Abstract

India suffers from severe housing shortages, especially for the economically weaker sections of the society. And the house prices have been booming for nearly a decade. The markets are opaque, price indices have not been developed, market suffers from absence of regulator and there is no redressal mechanism in place. The procedure for constructing and purchasing a house in India is varies across the country, legal practices are unclear, and laws pertaining to acquiring of land or a house are neither transparent nor uniform. Therefore, housing markets have not developed in India. The paper seeks to learn from the experience of housing sector in Spain and the USA that have developed over decades. The housing markets in both the countries are well developed, and more significantly have created transparent systems for the convenience of citizens. The procedures are standardized and there is transparency in the pricing of products, procedures to be followed and availability of legal recourse. India needs to put in place a number of systems, laws and institutions to ensure that housing sector develops in a balanced fashion.

Keywords: Housing, Real Estate, Housing Loan, Corruption

Suggested Citation

Singh, Amandeep and Nanda, Amrit and Singh, Charan, Housing Markets in Spain and the US: Some Lessons for India (November 14, 2013). IIM Bangalore Research Paper No. 430, Available at SSRN: https://ssrn.com/abstract=2354271 or http://dx.doi.org/10.2139/ssrn.2354271

Amandeep Singh

Indian Institute of Management (IIMB), Bangalore ( email )

Bannerghatta Road
Bangalore, Karnataka 560076
India

Amrit Nanda

Indian Institute of Management (IIMB), Bangalore ( email )

Bannerghatta Road
M 214
Bengaluru, 5600076
India

Charan Singh (Contact Author)

Indian Institute of Management (IIMB), Bangalore ( email )

Bannerghatta Road
Bangalore, Karnataka 560076
India
080-26993818 (Phone)

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