32

CHAPTER-2
OBJECTIVES, SCOPE AND METHODOLOGY

I – INTRODUCTION:

This chapter aims at studying the need for the study, objectives of the study
and the selection of the sample. The study also deals with method of collection of
data, tabulation and the preparation of the report. The limitations of the study and the
literature survey are also given.
Shelter is a basic human need. Securing ownership of a house can raise the
welfare of the household that lives in it and it enhances productivity, efficiency and
creativity. But housing development has been slow. Because housing is a large
investment, it requires long-term finance. Other factors hindering housing
development are inflation, interest rate controls, instability of financial markets and
the inadequate legal system. Housing in India has been one of the important economic
activities which serve to fulfill many of the plan objectives: providing shelter to the
needy, raising an environment conduct for better health and sanitation, creating
additional employment and achieving urban, rural and interpersonal equity in terms of
standard of living. Further, housing could lead to the generation of additional savings
at all levels. Shelter, like food and clothing, is one of the most important inputs which
have a profound impact on the socio-economic and physio-psychological
development of human beings. Housing is important service development in both
economic and welfare terms. It is not only consumption good but also a productive
investment

II - NEED FOR THE STUDY

Shelter is a basic human need and productive investment. Easy accesses to

institutional finance at affordable rates are an essential pre-requisite for accelerating
the tempo of housing activity. This is more so in the eastern and north-eastern region
where the general level of income is relatively low. It is, therefore, imperative that a
specialized housing finance system – albeit as an integral part of the national finance
 33

system – be created for this region for the development of new housing stock as well
as for the renovation, upgradation and expansion of the existing housing stock in the
rural, semi – urban and urban areas1. Out of the total outlay of Rs.97,500 crores for
housing in the 8th Five Year Plan, organized sector is expected to contribute about
Rs.25,000/- crores. The emergence of a number of HFCs in organized and
unorganized sectors has brightened the economic scenario. The potential for the HFCs
is vast. The success of HFCs depends on how effectively they can tap resources.
Fortunately, during the last couple of years, lot of emphasis has been placed on
creating an integrated national housing finance system. With the creation of National
Housing Bank, an apex housing finance institution, housing finance has received
added impetus. In addition to the NHB are many housing financial institutions that are
established in India2. These include HDFC, HUDCO, LICHFL, Commercial banks
and other housing finance companies. Banks can venture into informal housing by
providing loans for upgradation of the housing stock in a gradual manner over a
period of years. The schemes for financing informal housing can be combined with
the schemes meant for employment and income generation, which can result in the
overall improvement in the living conditions of the poor. The informal housing
market also gives a chance for the banks to capitalize the absence of big existing
housing fiancé institutions.

Housing finance being a specialized activity, it is desirable to concentrate the

activities by selected banks rather than the indiscriminate involvement by all banks.
As residential housing loans do not create direct additional income, recovery of loan
may prove to be difficult even though loan may be adequately secured. There are
many legal and other hurdles to be tackled before substantial involvement of banks.
At the same time, banks cannot stand apart from housing finance particularly when
many avenues of traditional lending being taken away form commercial banks in the
wake of financial innovations.

In addition to the problem of financing the biggest problem faced by

prospective house owners and buyers is the deficiency in getting services from the
house finance companies in India. Even today the housing finance companies while
 34

sanctioning loans to the housing sector are treating the loans as an extension of their
portfolio of loans without studying problems of construction of houses and
borrowers3. It is in this context an attempt is made here to study the problems of
housing in the City of Greater Hyderabad of Andhra Pradesh State in India.

It is also aimed at studying and evaluating the progress of Life Insurance

Corporation Housing Finance Limited (LICHFL) and Housing Development Finance
Corporation (HDFC) in financing of housing activities in Hyderabad. In addition to
study the service quality rendered to house owners and customers.

III-OBJECTIVES OF STUDY

The study mainly aims at studying the housing activities in Hyderabad and
financing by LICHFL & HDFC in Hyderabad. In addition to measuring the service
quality being provided by LICHFL & HDFC.

The study specifically aims at :

1. Studying the importance of housing, demand for housing and house

finance in India.
2. Evaluation of the role of LICHFL & HDFC in financing of houses in
Hyderabad.
3. To identify the popular schemes of LICHFL & HDFC.
4. To analyze the trends in housing finance by LICHFL & HDFC.
5. To ascertain the problems of borrowers of LICHFL & HDFC while
availing housing loans.
6. To evaluate the impact of tax considerations on housing finance with
respect to LICHFL & HDFC.
7. Measuring the service quality being provided by LICHFL & HDFC to its
customers in Hyderabad.
 35

8. Finally to suggest certain measures to housing loan policy makers of

LICHFL & HDFC for increasing the service quality to its customers so as
to increase its base.

IV-SCOPE OF THE STUDY

The scope of the proposed study is restricted to Hyderabad divisions of both

LICHFL and HDFC. Hyderabad divisions of these organizations extend the facilities
of housing finance to its clients belonging to Hyderabad region in the State of Andhra
Pradesh.

1) LIC HOUSING FINANCE LIMITED (LICHFL):

LIC Housing Finance Limited (LICHFL) as a subsidiary of Life Insurance

Corporation (LIC) was incorporated on June 19th 1989, to accelerate the development
of housing. LICHFL is the second largest Housing Finance Company in India.

‘To each one a home of his own” is the main objective of

LICHFL. It renders liberal financial assistance to policy holders and others for
purchase/construction of residential houses/flats. The following are the other
objectives of LICHFL:

(i) To provide loans to public sector/private sector employees to construct

residential accommodation for their employees.
(ii) To mobilize insurance linked long term savings from the public to deploy
such funds in long-term finance in the housing sector.
(iii) To facilitate approval of builders in advance and offer them construction
finance to enhance customer servicing with a real estate market
information.
 36

LIC Housing Finance provides longterm finance to resident individuals of

India and Non-Resident Indians (NRIs) for the purchase, construction, repair and
renovation of new / existing flats / houses and mortgage. The Company is the only
one of its kind that offers a Life Insurance Policy as collateral security to back its
loans. LICHFL also provides finance on existing property of business / personal
needs. The company has been growing steadily over the last two decades both in
terms of business and profits.

There are 6 Regional Offices, 112 Area Offices consisting of Operating

Offices and Extension Counters spread across Nation. LICHFL has got its Registered
and Corporate Office at Mumbai. It has a total team of 2,500 dedicated employees in
the Country.

With these LICHFL had widest network amongst all the Housing Finance
Companies in India. Hyderabad branch of LICHFL was established in the year 1993
with just 20 employees and today it has a total of 6 branches in Hyderabad at various
places like Ameerpet, Dilsukhnagar, Gacchibowli, Himayathnagar, Kukatpally, and
Secunderabad. There are about 107 fulltime employees in LICHFL, Hyderabad
branches and more than 500 company appointed Direct Sales Agents (DSAs) and
Home Loan Agents (HLAs) working under Hyderabad branches4.

2) HOUSING DEVELOPMENT FINANCE CORPORATION (HDFC):

The Housing Development Finance Corporation (HDFC) was formally

promoted and incorporated on October 17, 1977 under the chairmanship of
Mr.H.T.Parekh. HDFC was promoted by ICICI, the International Finance Corporation
and His Royal Highness Aga Khan. Each party had contributed 5% of the equity of
the Corporation.

HDFC from its very first day of its operations was built as a principle centered
organization. An organization built on the basis of fairness and kindness, efficiency
and effectiveness. It has gradually built trust among the people strengthening
 37

communications and participative management style. Trust is the very cement for
meaningful relationships and an open and creative management style. It is the very
foundation for measuring worth.

Objective of HDFC is to enhance residential housing stock and to promote

house ownership by providing individual household/families with long term housing
loans at commercially viable rate. More specifically, the objectives of HDFC are:

i. To finance mainly low and middle income group of people to

purchase/construct a single family dwelling unit primarily for self occupation,
and
ii. Granting loans to the co-operative sector for housing their employees.

HDFC provides longterm finance to individuals for the purchase, construction,

repair and renovation of new/existing flats/houses and mortgage loans. HDFC is
specialized in the field of housing. Its own name was constituted from three words –
the interlocking of three areas of housing, finance and development. HDFC being a
pioneer organization in the field of housing finance is a leading institution in retail
lending housing finance at time when no other major player was in the field. HDFC
has consistently endeavored to provide top notch service to its customers through its
extensive network of 87 offices which inter linked Nation wide, and introduced
innovative value added products to enhance both its range and quality of service.

HDFC’s Hyderabad branch was opened in the year 2000 and with just 15
employees and today HDFC has got 6 branches in Hyderabad and Secunderabad at
various places like Basheerbagh, Dilsukhnagar, Gacchibowli, Kukatpally, Panjagutta
and Tarnaka with 200 fulltime employees and many Marketing Agents working under
these branches5.
 38

3) SELECTION OF LOAN APPLICANTS:

The property for which loan is applied must be in and around Greater
Hyderabad Muncipal Corporation (GHMC), Alwal, Qutubullahpur, Kukatpally,
Kapra, Kompally, L.B. Nagar, Gaddiannaram, Malkajgiri, Secunderabad, Hyderabad
Urban Development Authority (HUDA) layouts. Outer areas of the City like
Shamshabad Airport, Cyberabad Development Authority (CDA) & Airport
Development Authority (ADA) Uppal and Patancheru also come under the
jurisdiction of LICHFL and HDFC.

The identification of customers are through direct walk-ins by customers,

customers responding to the paper ads, hoardings, other media, direct sales made by
LICHFL agents & HDFC Home Loan Executives, references given by the existing
customers, references made by panel members of LICHFL & HDFC, references made
by builders, references made by employees of LICHFL & HDFC and other references
etc.

The loan applicants net income from his salary must be above Rs.10,000/- per
month. The organization in which the applicant is working must be government
owned organization and incase of a private employee the organization in which the
applicant is working must be in approved list organizations acceptable to LICHFL &
HDFC. Incase of a business person his net annual income must be Rs.1,50,000/- and
above.

Applicant must submit application form duly filled legibly with photographs
affixed on it by the applicant co-borrower and by furnishing all documents relating to
loan property like property plan approved by civic authorities, link documents of
property, encumbrance certificate, sale deed from vendor, estimates from panel
engineer, income details like salary certificates in case of salaried applicant income
tax returns certificate certified by chartered accountant or auditor incase of
businessman applying for loan, PAN card, copy of bank statement showing his/her
income, current place or residence, Passport incase of NRIs ,current place of work or
business etc.
 39

Applicant also need to furnish guarantor details like proof of income of

guarantor, residential address, proof of guarantor and guarantor’s employment and
professional details must be furnished.
After perusal of the above documents, if LICHFL & HDFC is satisfied with
the above details, LICHFL’s Credit Officer & HDFC Credit Officer will inspect the
property and value the property with their Panel Value Engineer/Technical Team and
prepares the report to be approved by the Branch Manager. Branch Manager will give
his final nod for disbursement of loan after evaluating the feasibility of loan.

4) SELECTION OF SAMPLE RESPONDENTS:

The selection of 500 respondents was made on the basis of stratified random
sampling from the records of LIC Housing Finance Limited (LICHFL), Hyderabad
Offices and House Development Finance Corporation (HDFC) Offices, Hyderabad.
The details of the selected respondents can be seen from table 1 to table 7.
Table 2.1
4(i) Classification of respondents according to number of persons, age and marital status

LICHFL HDFC
S. Age & Male % Female % Total MALE % Female % Total
No Marital status
1 No. of Persons: 379 75.8 121 24.13 500 350 70 150 30 500
Below age of 30years 17 3.4 7 1.37 24 26 05.2 18 3.6 44
30–60 years 355 71.1 114 22.75 469 322 64. 4 29 5.8 351
60-65 years 7 1.3 -- 0 7 5 1 0 0 5
2 Marital status:
Married 376 99.2 121 100 497 344 98.2 150 10 494
Unmarried 03 0.8 0 0 03 06 1.8 0 0 6
Source: Questionnaire 1&3

The above table 2.1 relating to the respondents of LICHFL reveals that out of
379 male applicants, the percentage of male below the age of 30 years is 3.4 %.
There were 71.1 % of male applicants between the age group of 30 to 60 years and
1.3 % of male applicants between the age group of 60 to 65 years.
 40

The study shows that out of 121 female applicants of LICHFL, the percentage
of female below the age of 30 years is 1.37%. The percentage of female between the
age group of 30 to 60 years is 22.75%.

The table also reveals that out of 379 male applicants, 99.2% applicants were
married and 0.8% applicants were unmarried. Table 1 also shows that 100% of
female applicants are married women.

The above table 2.1 relating to the respondents of HDFC reveals that out of
350 male applicants, the percentage of male below the age of 30 years is 5.2%. There
were 64.4% of male applicants between the age group of 30 to 60 years and 1% of
male applicants between the age group of 60 to 65 years.

The study shows that out of 150 female applicants, the percentage of female
below the age of 30 years is 3.6%. The percentage of female between the age group
of 30 to 60 years is 5.8%.

The table also reveals that out of 350 male applicants, 98.2% applicants were
married and 1.8% applicants were unmarried. Table 1 also shows that 100% of female
applicants are married women.

In both the organizations, majority of the respondents were in the age group of
30 to 60 years old.
 41

Table 2.2
4(ii) Classification of respondents according to qualification

LICHFL HDFC
S. Education Male % Female % Total Male % Female % Total
No.
1 No -- -- -- -- --
education
2 Upto 59 15.6 28 23% 86 42 12 18 12 72
S.S.C.
3 Upto 141 37.2 52 43% 193 176 50 76 51 226
graduation
4 Upto Post- 180 47.2 41 34% 221 134 38 54 37 202
graduation
Total 379 100 121 100 500 352 100 148 100 500
Source: Questionnaire 1 & 3

The purpose of table 2.2 is to examine the qualifications of the loan applicants
of LICHFL and HDFC

Out of 379 male applicants of LICHFL, 15.6% studied up to S.S.C., 37.2%

studied up to Graduation and 47.2% studied up to Post-Graduation. Out of 121
female applicants, 23% of them studied up to S.S.C., 43% of them studied up to
graduation and 34% of them studied up to Post-Graduation.

Table 2.2 is also to examine the qualifications of the loan applicants of HDFC.
Out of 352 male applicants, 12% studied up to S.S.C., 51% studied up to graduation
and 38% studied upto Post-Graduation. Out of 148 female applicants, 12% of them
studied up to S.S.C., 51% of them studied up to graduation and 37% of them studied
up to Post-Graduation.
 42

Table 2.3
4(iii) Classification of Respondents according to Income
LICHFL HDFC
S. Annual Male % Female % Total Male % Female % Total
No. Income
(in Rs)
1 1.20 to 172 52.92 93 53.14 265 99 33 66 33 165
3 lakhs

2 3-5 lakhs 88 27.07 47 26.85 135 81 27 54 27 135

3 5 lakhs 65 20 35 20 100 120 40 80 40 200
and above
4 Total 325 100 175 100 500 300 100 200 100.0 500
Source: Questionnaire 1 & 3

The purpose of table 3 shows the income of the loan applicants of LICHFL
and HDFC.

Out of 325 male applicants of LICHFL, 52.92% of them who constitute major
in number were earning between Rs.1.20 lakh to Rs.3 lakhs per annum.

Table 2.3 shows that 27.07% of the applicants were earning between Rs.3 to 5
lakhs per annum. 20% of the applicants were earning Rs.5 lakhs and above per
annum.

Coming to 175 female applicants of LICHFL, 53.14% of them who were

major in number were earning Rs.1.20 lakh to Rs.3 lakhs per annum. 26.85% of them
were earning between Rs.3 to 5 lakhs and 20% of the female are earning Rs.5 lakhs
and above per annum.

Table 2.3 also shows the income of the 300 male applicants of HDFC. Out of
them, 33% of them who were major in number were earning between Rs.1.20 lakh to
Rs.3 lakhs per annum.
 43

27% of the male applicants of HDFC were earning between Rs.3 to 5 lakhs
per annum. 40% of the applicants were earning Rs.5 lakhs and above per annum.

Coming to 200 female applicants of HDFC, 33% of them who were major in
number were earning Rs.1.20 lakh to Rs.3 lakhs per annum. 27% of them were
earning between Rs.3 to5 lakhs and 40% of the female are earning Rs.5 lakhs and
above per annum.

From the above table, it can be concluded that majority of the male and female
applicants of LICHFL and HDFC were earning between Rs.1.20 lakh to Rs.3 lakhs.

Table 2.4
4(iv) Classification of Respondents according to Size of Family
LICHFL HDFC
S.No Size of family No. of applicants Percentage No. of applicants Percentage
1 Upto 2 10 2% 18 3.6
Members
2 Above 2 < 4 214 42.7% 276 55.2
3 Above 4 276 55% 206 41.2
Total 500 100 500 100
Source: Questionnaire 1 & 3

Table 2.4 explains the size of the family of the applicants of LICHFL and
HDFC.
Out of 500 applicants of LICHFL, 55% of the applicant’s family size is
above 4. 42.7% of the applicant’s family size is between 2 to 4, and 2% of applicants
family size is below 2.
Coming to the family size of HDFC applicants, table 2.4 explains that out of
500 applicants, 41.2% of the applicant’s family size is above 4. 55.2% of the
applicant’s family size is between 2 to 4, and 3.6% of HDFC applicant’s family size is
below 2.
In both the cases, the major percentages of applicants were from the family
size of above 4.
 44

Table 2.5
4(v) Classification of respondents according to caste wise
LICHFL HDFC

S.No. Caste No. of applicants Percentage No. of applicants Percentage

1 O.C. 324 64.8% 362 72.4
2 B.C. 76 15.2% 88 17.6
3 S.C. 86 17.2% 44 8.8
4 S.T. 14 2.8% 6 1.2
Total 500 100 500 100
Source: Questionnaire 1 & 3

Table 2.5 explains the number of applicants of LICHFL and HDFC according
to caste wise. The study reveals that out of 500 applicants of LICHFL, 64.8% belongs
to O.C. category; 17.2% belongs to S.C. category; 15.2% belongs to B.C. category;
and remaining 2.8% belongs to S.T. category.
Coming to the respondents of HDFC, table 2.5 explains the number of
applicants according to caste wise. The study reveals that out of 500 applicants 72.4
% belongs to O.C. category; 8.8% belongs to S.C. category; 17.6% belongs to B.C.
category; and remaining 1.2% belongs to S.T. category. The highest percentage of
respondents both in LICHFL and HDFC were from O.C category.

Table 2.6
4(vi) Purpose of loan applied by respondents
LICHFL HDFC
LICHFL HDFC
Purpose No. of % No. of %
Respondents Respondents
Purchase 128 25.60% 140 28.00%
New construction 252 50.40% 193 38.67%
Extension 64 12.80% 107 21.33%
Repair / 56 11.20% 60 12.00%
Improvements
Total 500 100.00 500 100.00
Source: Questionnaire 1 & 3
 45

The organization in study is meant for providing housing finance to those who
need it. LICHFC and HDFC provides loans for variety of purposes in housing such as
purchase of a house, construction of new house, extension of existing houses and
improvement and mortgages.

A question was asked to the respondents of both LICHFL and HDFC as to the
purpose for which the loan was taken.

Table 6.8 shows the total respondents of LICHFL 50.40% were approaching
for loan for the new construction of house/flat and 25.60% have said that the purpose
of loan is to purchase the house/flat. For the purpose of extension and repairs/
improvement of houses about 12.80% and 11.20% of them have approached LICHFL.

Table 2.6 reveals that out of 500 respondents of HDFC, 38.67% of the
respondents have approached the organization for the purpose of loan for new
construction, 28% of them approached for purchase of house/flat whereas 21.33% for
extension and improvement and 12% for repairs and renewals respectively.

By and large it can be said that majority of the respondents of both the
organization availing loan for the purpose of purchase and construction of new house
/ Flat only.
Table 2.7
4(vii) Amount of Loan applied by Respondents
LICHFL HDFC
S.No Loan amount No. of Percentage No of Percentage
( in Rs) applicants applicants
1 1 lakh to 5 lakhs 156 31.2 87 17.4
2 5 lakhs to 10 lakh 240 48 240 48
3 10 lakhs and above 104 20.8 173 34.6
Total 500 100 500 100
Source: Questionnaire 1 & 3
 46

Table 2.7 reveals the amount of loan applied by the applicants of LICHFL and
HDFC.

Out of 500 applicants of LICHFL, 31.2% had applied for loan amount
between 1 lakh to 5 lakhs. 48% had applied for loan amount between Rs.5 to 10 lakhs.
The study also reveals that only 20.8% had applied for amount above 10 lakhs.

Coming to the respondents of HDFC, table 2.7 reveals that out of 500
applicants 17.4% had applied for loan amount between 1 lakh to 5 lakhs. 48% had
applied for loan amount between Rs.5 to 10 lakhs. The study also reveals that 34.6 %
had applied for amount above 10 lakhs.

From the above table it can be concluded that majority of the respondents of
LICHFL and HDFC had applied for a loan amount between Rs.5 lakh to Rs.10 lakh.

5) Collection of Data:

The researcher depended on the primary and secondary data for the purpose of
carrying out the study. The secondary data was taken from the sources like Census
data from the office of the Registrar General of India, HUDCO reports, NHB reports,
Greater Hyderabad Municipal Corporation (GHMC) and materials from commercial
banks and housing finance companies. Annual Reports of LICHFL & HDFC.
 47

V - METHODOLOGY

Proposed study is an empirical one and is based on both primary data and
secondary data.

1) Primary Data:
The primary data was collected from the Area Office of LICHFL, Hyderabad
and HDFC Main Branch, Hyderabad. Also data was collected from the branches of
LICHFL & HDFC located in Hyderabad. The data was collected from the LICHFL &
HDFC from selected loan applicants through a structured questionnaire based on the
rational construct criteria. The questionnaire is presented to a sample of 500
respondents representing the cross section of the society from LICHFL and HDFC.
(given in annexure)

2) Secondary Data:
The sources of secondary data include Annual Reports, manuals, official
records, and other published sources pertaining to LICHFL & HDFC.
Informal discussions held with the borrowers and officials to elicit the
information with a view to gain deeper in-sights into the operational aspects of
housing finance in the selected areas of the study.

2) Sample:

There are many housing finance institutions in India. As it is difficult to cover

the beneficiaries of all the housing finance institutions, two major players in India like
Life Insurance Corporation Housing Finance Limited (LICHFL) and Housing
Development Finance Corporation (HDFC) are selected for the proposed study. As
many as 500 questionnaires were distributed among 500 beneficiaries of LICHFL and
HDFC to obtain information in Hyderabad region.

4) Statistical Tools:
The data collected will be analyzed in one way and two way tables and
through Statistical techniques such as percentages, averages and growth rates.
 48

VI- LIMITATIONS OF STUDY

Following are the limitations of the study:

1. The study covered only geographical boundaries of Hyderabad City only which
come under Greater Hyderabad Municipal Corporation (GHMC).

2. Due to the problem of illiteracy some house loan applicants and loan takers could
not respond to questionnaire properly. However care was taken to elicit their
opinion as far as possible.

3. While studying the aspects of respondents of LICHFL and HDFC about

performance appraisal, certain items of investigation had to be dropped in view
of non-response from the respondents. Therefore, the study of respondents
(borrowers) perception is limited to the items which received enough response
from them.

VII-CHAPTERISATION

The proposed study is organized into nine chapters as under:

Chapter- 1: Housing Finance in India.

Chapter- 2: Objectives, Scope and Methodology.
Chapter- 3: Housing in Hyderabad.
Chapter- 4: Operations of LICHFL and HDFC.
Chapter- 5: Resource Mobilization.
Chapter- 6: Analysis of Lending Operations of LICHFL and HDFC.
Chapter- 7: Analysis of Recovery Performance.
Chapter- 8: Service Quality in LICHFL and HDFC.
Chapter- 9: Findings and Suggestions.
 49

VIII-REVIEW OF LITERATURE

In this section, it is proposed to briefly discuss the studies made in the past
relation to housing and housing finance both at National level and State level. Studies
relating to housing and housing finance were indeed, a subject of great importance
and draw attention both from the government and from the academic community as
well.
The research literature relating to housing finance is very limited, due to
growing literature on industrial and commercial undertakings. The area of housing
finance is of recent emergence and there is acute shortage of written work in this field.
The literature available in this area is mostly by way of contributions in the form of
statements by leading authorities heading various institutions like HUDCO and
National Housing Bank. The shortage of literature in this vital area is evident by the
Central Government thrust in formulating National Housing Bank in 1988.

Bhardwaj6 is one of the studies tried to bring out meaningful conclusion

regarding human settlement problem. After analyzing the nature of problems and
renewing the present efforts, he discussed the interaction involved between human
settlements and family well- being.

Rama Rao7, in his study stressed upon the need to strengthen the policy with
regard to house construction materials and building services in Andhra Pradesh.

Khodaji8 has stated that process of urban renewal that includes replanting,
redevelopment, conservation and rehabilitation. In order to solve the urban crisis,
there is an urgent need for Urban Renewal Programmes to be taken up by the
developing countries. He viewed that people’s participation is a perquisite for the
successes of Urban Renewal Programme.

Prabahavathi9 and Sharma, are of the opinion that development programme for
the weaker section housing is not implemented in an effective manner as the innocent
poor, who are really deserving are deprived by the relatively educated, rich and well
 50

placed people. These people have access to great deal of social and political systems
both within and outside slums.

Verghese10 has geographically described the problem of housing the country.

A study conducted by Jayaram and Sandhu11 shows problems, policy and perspectives
related to housing in India.

A detailed study of various factors in housing production, role of

informational community on technology transfer etc, has been conducted by Fish12.
The researcher has also studied the categories of and the difficulties, problems faced
by the people of Chandigarh. He made comparison and concluded that housing
conditions in Chandigarh is better than that in other towns in the country.

Narad Naresh13 has examined the various efforts made by Government of

India to improve housing infrastructure for human settlements and legislative support.

A study conducted by Sabir Ali14 reveals that not only the basic services like
drinking water, electricity, toilets, roads and health are lacking in resettlement
colonies in Delhi but the maintenance of these services and facilities are also poor.

Miglani15 in his study focused that the unpredicted growth of population and
labor force in urban areas has brought forth a number of problems in towns and cities
of developing countries. He observed that measurement and magnitude of housing
shortage is typical and there is no specific criterion to define housing need and supply.

The uncontrolled urban growth as per the observation made by Mongia16 is the
poor housing situation and the vital aspect of housing shortages relates to the housing
for the low income group. In this article entitled ‘Necessity Turned into Luxury’, he
pointed out that inadequate house building activity is due to rising cost of construction
non utilization of construction techniques and low priority given to housing in the
allocation of plan funds.
 51

Arjun Singh17 in his study evaluated the requirement of housing and the
projects to be taken up for some identified tribes in Gujarath. After analyzing the
housing position in India Francis and Hegadde18, have reached the conclusion that
there seems to be a big gap between present and future requirement of housing in
India.
Singh19 in his study portrays various institutution responsible for
implementing the housing in Uttar Pradesh. According to him ,Uttar Pradesh. Housing
and Development Board has made significant improvement in housing by
concentrating on low cost housing for weaker sections.

Khurana20 in his study tried to examine in detail the housing problem and role
of cooperatives in India.

Pugh21 in his study “Housing and Urbanization” apart from various issues also
examined the housing finance and the Government housing. He remarked that
housing is close to the social life to the rich and poor. He is of the opinion that
subsidy in housing cannot be justified.

Mulk Raj22 has made an attempt to study the issue of limited resources at
national level and focused on the role of informal sector as far as housing finance is
concerned.

Pavithran23 has studied the need for optimum utilization of resources and
effective management of funds which is crucial decision to be made in housing
activity.

Vijay Bhole24 studied on various housing finance agencies and housing issues
on the performance of Andhra Pradesh Housing Board.

Another study conducted by Bijilani25, clearly discussed the endeavors of

HUDCO the apex national Housing Finance Institution in providing low cost housing
methodology and techniques.
 52

Tiwari26 has conducted study towards another direction of housing finance. He

stressed the need for involvement of commercial banks in providing the liberal
finances to overcome the shortages of housing units in India.

The observation of Roy27 shows that a dominant role is played by LICHFL in

extending the liberal finances to the housing sector.

Sharma28 has highlighted the issue relating to housing and housing finances
performance of HUDCO and future policies related to functioning and establishment
of NHB.

Sundaram29 examined that to create a necessary atmosphere of maximum

saving so as to invest in housing sector, there should be coordination between public
housing and financial institutions such as HUDCO and LICHFL.

Rao30 in his study has pointed out there is need to discuss the housing finance
in different perspectives to include the financing of infrastructure facilities in the
development of housing settlements apart from the financing for the construction of
house structure. Due to resource constraint the strategy of government is to
concentrate on the construction of homes for poor and low income sections.

Chandrasekar31 is of the opinion the government provides suitable

environment for the private investment agencies; they could allocate a portion of their
investment towards construction of houses for the low and middle income sections
apart from the council complexes.

Sharma32 in his study emphasized the need for reconciliation of increasing

resource mobilization and catering to the needs of low income and poor section of the
country at affordable cost. He further points out the HUDCO are doing a lot in this
regard.
 53

Lal33 in his study made a reference to NHB. He is of the opinion that the
establishment of separate national apex body is necessary to concentrate on financial
mobilization housing.

Sivaramakrishna34 reveals that HDFC is able to maintain recovery rate of

nearly 98 %. In general, the LICHFL’s performance is worth praising in the field of
housing finance.

Gopalan35 in his study observed that it is difficult task for low and poor
income group to raise the funds from private source for the construction of houses
because of their low repaying capacity. The public agencies are required to raise their
capital mainly through borrowings and are not able to recover the cost from the
borrowers of housing finance and finding it difficult to finance for housing.

Singhal36 observed that government initiative at various levels and the

ratification of NHB, the housing financial institutions have to act accordingly to meet
the requirement of housing.

Mohan Rakesh37 has indicated in his study that creation of squatter settlements
in and around the urban areas is due to natural rate of growth and encroachment of
migrants form rural areas and accelerated growth in urban areas.

“Housing is a universal problem although the problem is chronic in

developing countries; Cherunillam38 says that most of the advanced countries also
face this problem with varying degrees”.

In the opinion of Dayal39 “Roti, kapada our makan, (Food, Clothing and
Shelter)” are the basic needs of human being despite the Food and clothing, the
requirement of shelter is very essential for human being.
 54

Miglani40 observes in order to ensure investment in housing and activate

funds, LICHFL should increase its branches substantially and regulations should be
amended to encourage investment in housing.

In the Opinion of Rajiv Sharma41 “Government care is required to be taken to

see that the urban poor are provided housing near their place of occupation. Securing
effective linkages between asset creation and asset management is a must to ensure
optimal outcomes from the use of resources for housing”.

Samuel42 in his book,“Government of Andhra Pradesh estimates that by 2020,

the Hyderabad City will become more than three times to its current size. By 2012 the
population of Hyderabad is expected to reach 13.64 millions as a result more land and
houses are required to meet the demand”.

According to Reema Sharma43 “The main objective of housing finance in India

is adequate housing for all. The year 1987 was celebrated as an `International Shelter
Year' that emphasized the need to promote better housing to people. The union
government of India has given priority to housing sector in all the five-year plans”.

In the opinion of Ashok Kumar44 “Housing continues to be one of the thrust

areas of the economy for the policy makers. Rising income levels coupled with
increased rate of formation of new households has contributed to a steady growth in
demand for housing. Added to this is a significant shift in home-ownership pattern
with younger population are striving to acquire their own houses. This phenomenon
of early purchase has resulted in increased demand for housing loans”.

According to Dr.P.S.Rana45, “Besides a robust housing finance system, a

sound and sustainable housing policy is equally important for expansion in housing
credit. Defective policies with short term objectives in the housing construction
segment can impose serious constraints on the credit system. While the two policy
areas of the financial sector, viz. monetary and credit policy and fiscal policy are well
 55

disposed towards housing, it is the ‘Real’ sector that needs to respond to the emerging
challenges and opportunities.

According to Mr.V.Leeladhar46 “the housing requirements in rural areas being

estimated at 24 million units as compared to 7.1 million units in urban/metro areas
based on 2001 census figures. The reduced flow of housing finance to the rural areas
is attributed due to various reasons which are under study”.

According Mr.D.Subba Rao47, Governor, RBI, “Banks may also offer long
term fixed housing loans to customers and address their asset-liability mismatch
issues by recourse interest rate swap market. Floating loans pass on the better rate and
risk from banks that are better placed to manage it to borrowers”.

Analytical study made by Mr.Ranga Rajan48 “focuses on the significant

changes, views and problems that occurred in the Indian Banking System since the
nationalization of 14 major Commercial Banks in 1969 particularly in the field of
deposit mobilization and credit employment, and suggests new approach to lending
through direct credit plans, village adoption schemes, credit camps and group
system”.

Mr.Samantak Das49 says “National Building organization observed that

housing shortage was 61 million units in 2011 with a break-up of 35 million units in
rural areas and 20.5 million units in urban areas. Urban housing shortage at the
beginning of tenth plan has been assessed to be around 8.89 million units”.

Mr.Elumalai.K50 says that “Realizing the importance of housing the economy,

government of India formulated the National Housing Policy in 1988. National
Housing Policy in its preamble stressed that shelter is a basic need and it promotes
economic activities and creates a base for attaining several national policy goals
namely, providing shelter and raising quality of life, increasing productivity,
stimulating economic activity and creating substantial additional employment”
 56

“HDFC leadership style is very inclusive and empowering. Management is

accessible to all and also goes out of its way to help people. That’s evident in HDFC
Group’s low attrition rate,” says Renu Sud Karnad51

Keki Mistry52 HDFC management allows managers to run their respective

divisions independently without any day-to-day interference. HDFC management has
also been very conscious in building a second line of leadership at the parent HDFC.

One of HDFC’s main objectives is to increase the flow of resources for

housing through the integration of housing finance institutions with the domestic
capital market,” says R Arivazhagan53

C. Krishna Priya54 says “Apart from self-help groups and non-governmental

organizations, the government should strongly intervene in promoting housing finance
for social welfare. Financial and corporate houses should also treat housing finance as
a social responsibility”.

Akinchan Buddhodev Sinha55 says that “Government’s emphasis in

developing housing sector has decreased compared to other sectors in the economy.
The marginal attitude of the government towards housing resulted in an inadequate
investment in this sector in the past. The total backlog in housing shortage emanating
from the meager investment in this sector has been continuously increasing at an
alarming rate”.

According to Fulbag Singh56 “The development of housing sector is also

equally important for the growth of Nation. In India, according to 2001 census, 72%
of the population is living in rural areas and majority of the population is living in
slums and shabby areas indicating that housing sector is still unorganized over there.”

Trishna Gogoi57 mentions “Andhra Pradesh is the first Indian State to establish
an organization to work exclusively towards ‘Housing for All’ – Andhra Pradesh
State Housing Corporation Ltd. (APSHCL). It was formed post-tsunami in 1979.
 57

APSHCL has been mandated with numerous housing programmes like ‘Indiramma’
in 1983; ‘Indira Awas Yojana’ 2002-03 and Urban Permanent Housing 2006. Current
schemes like ‘VAMBAY’, ‘Rajiv Gruha Kalpa (RGK)’ etc; are being implemented by
the APSHCL.

58
According to Editor ‘The Hindu’, Hyderabad, “HUDCO, a public sector
organization of the government of India, was setup in 1970 with a mandate to
ameliorate the housing conditions of low-income and weaker sections. It is the only
National agency with predominant consideration of economically weaker sections
both in terms of loan operation and design/technology adoption.”

59
Dr. P. K Mohanty, Principal Secretary, Government of A.P says “Urban
housing is increasingly becoming an important issue to address the rising levels of
urbanization across the country. Urban housing is however no longer viewed as a
simple issue: but it is seen from multiple dimensions.

Mallikarjun60 states “Hyderabad apartment rates had peaked in 2006 -2007.

Since then, there has been consistent price fall, every year. The Telangana agitation
was started in Nov 2009. However, by that time itself, prices had dropped by 9% over
the previous year. Even with concern over Telangana issue, prices remained more or
less stable during the year 2010. The marginal fall of 3% occurred in early 2010.
Since then, price has not fallen. In fact, by December 2011, there was marginal
increase”.

According to Economic Times61, Hyderabad. 29thMay2010 “With government

empty cash offers and the lingering separate Telangana State issue is slowing fresh
private investments in Hyderabad City. Hyderabad is struggling to keep pace with
other Metros which are recovering from the impact of recession. Hyderabad cannot
expect wide ranging, quick development soon. Instead, only micro centers like Hitec
City, Gachibowli, Somajiguda would see action. We can not see all round growth, for
sometime to come”.
 58

Mr.K.Sundar Rao62 says “The long period of uncertainty and then the routine
process of splitting of A.P State will definitely take away public interest in buying
properties for investment in Hyderabad City. The lingering thought will be about the
possible impact on Hyderabad with government employees, contractors; business men
who take government works and likely to leave the State for the new. Also, a new
State capital also will give better speculative investment opportunity and hence lot of
private black money funds which otherwise would have been used to buy properties
in Hyderabad, will move out to the new capital”.

According to Mr.T.Joseph,63 “builders point out that the mid-segment which

look out for flats in the range of say Rs.1,800 to Rs.2,500 per square feet has not been
that badly affected as the one in deluxe and super deluxe category beyond Rs.3,500
per square feet has been. This perhaps could be due to the fall in NRI investment into
City real estate as the rupee becoming stronger has indeed affected the NRI
investments”.

According to Mr.V.Rishi Kumar,64 “With various taxes, both Central and

State, accounting for nearly 36% of overall property acquisition cost, builders'
associations and national body Confederation of Real Estate Developers Associations
of India have made out a case to reduce costs, to address the demand in the affordable
housing segment”.

Mr C.Sekhar Reddy65 said “If taxes are reduced and reasonable support
provided by State Governments in the form of concessions, it would be possible to
offer affordable houses at approximately Rs 1200 to Rs 1300 per square feet”.

C.V.S.K.Sarma,66 GHMC Commissioner and Special Officer speaks

“Nevertheless, Hyderabad Real Estate is going on the upward swing. The government
and public are joining hands to make progress. Hyderabad property prices also get
influenced by this news. As better infrastructure and connectivity are the main
parameters on which capital and rental value of the property depends thus Hyderabad
property is currently undergoing a go ahead in the real estate development scenario”.
 59

According to Times of India67 Hyderabad “Affordable housing is the new

mantra of Hyderabad`s real estate industry. This was the message sent out by leading
developers and realtors from the city who participated in the consumer connect
initiative organized by magic bricks, a Times Group realty portal. Terming the current
market as `highly customer-friendly`, they pointed out how a large number of builders
were cutting down the size of their properties to fit the budgets of buyers. With
affordability being the primary objective of most developers, the participants said that
it was the best time for customers to invest in real estate in Hyderabad”

According to ICRA’s68 estimates, the total housing credit outstanding in India

as on March 31, 2010 was over Rs. 4,313 billion as against Rs. 3,829 billion as on
March 31, 2009, indicating growth of 13%. The housing loan portfolios of HFCs as a
whole reported a growth of 21% during 2009-2010 is higher than the 10% growth
reported by scheduled commercial banks (SCBs). With that, the share of HFCs in the
mortgage market increased to 31% as on March 31, 2010 from 29% as on March 31,
2009.

M.Nagaiah69 says “tax Concession in case of home loan for repairs,

renovations or reconstruction. Interest amount up to Rs.30,000/- is exempted from
income tax in case of loan taken for repairs or renovations or reconstruction.

In case of repairs or renovation or reconstruction tax rebate is available only in

case of self-occupied or if the borrower is not able to occupy the property due to his
employment/business/ profession at another place, where he/she resides in a building
not owned by him/her spouse/close blood relatives”.

Chanda Kochhar70, MD and CEO, ICICI Bank said “In a major relief for home
loan borrowers, the Reserve Bank of India (RBI) in its annual Monetary Policy for
2012-13 has made it mandatory for all banks to stop the practice of charging penalty
on pre-payment of loans taken on floating rate. In the past few months, many banks
have voluntarily abolished the pre-payment penalties. But, RBI's directive is to ensure
uniformity in lending rates across the banking system and henceforth no bank can
charge such penalties. All major banks have waved pre-payment penalty,"
 60

IX-SURVEY OF LITERATURE

The other studies in this are include the following:

1. Aaron & Henry: Shelter and the Subsidies, The Brooking Institutions,
Washington D.C.
2. Abrams, Charles: Future of Housing, New York. 1941.
3. Abrams, Charles: Housing in the Modern World, Faber and Faber, London.
4. Aggarwal N.P (Ed): Reading in Financial Management, Print well Publishers,
Jaipur.
5. Agrawal S.C: Industrial Housing in India, New Delhi Roxy Press. 1952.
6. Alonso, W: Location and Land use, Harvard University Press, Cambridge,
Massachusetts.
7. Avadhani V.A.: Marketing of Financial Services, Himalaya Publishing House.
2005.
8. Bajaj Chetan, Rajnish Tali & Nidhi Srivastava: Retail Management, Oxford
University Press, New Delhi.
9. Bose & Ashish: Studies in India’s Urbanization, 1901 -1971, Tata Mc.Graw
Hill Publishing Co. Ltd, Bombay, New Delhi.1973.
10. Bosh, Ashish: India Urbanization 1901-2001, Tata Mc.Graw Hill, New Delhi.
11. Calling Worth J.B.: Housing in Transition, Heineman, London.
12. Charles & Susan: Housing Economics, Oxford Press, London. 2008.
13. Charles. S: Housing Economics, MacMillan, London.
14. Cherunilam Francis and Heggade,OD: Housing in India, Himalaya Publishing
House, New Delhi. 1987.
15. Dagil, Vadilal (ED): Financial Institutions in India, Vora and Co, Bombay.
1976.
16. Dayal, P.: Housing Development in India, Prateeksha publishing, Jaipur. 1991.
17. Duncan & James: Housing & Identity; Cross Culture & Perspectives, Tata Mc
Graw Hill, New Delhi. 2005.
18. Duncan & Maclenman: Housing Economics, Macmillan, London.
19. Evans.A: The Economics, Longman. New York.
 61

20. Francis Cheruilam: Urbanization in Developing Countries, Himalaya

Publishing House. Bombay.
21. Ghosh.D: The Economics of Building Societies, Saxon House. London.
22. Grebler.L: Housing Market Behavior in a Declining Area, Columbia
University Press, New York.
23. Guruswamy.S: Financial Services and Markets, Thomson Vijay Nicole
Imprints Pvt Ltd.
24. Hadji Matheon G: Housing and Mortgage Markets, Saxon House, London.
25. Jayaram,N & Sandhu R.S:Housing in India, Policy and perspective B.R.
Publishing Corporation, Delhi. 1988.
26. John, J.P.: Shelter for the Rural Poor, Princeton Hall, New Delhi.
27. Keiser & Marjor: Housing on Environment for Living, Macmillan, New York.
28. Khan: Financial Services –Tata MC Graw Hill, New Delhi.
29. Khone: Financial Institutions Market –2nd Edition Oxford Press, New Delhi.
30. Khurana, M.L: Organization and Management of Housing Co-operatives.
A Publication of National Co-operative Housing Federation of India, New
Delhi. 1986.
31. Kuchhal, S.C: Corporation Finance–Principles and Practice, Chaitanya
Publishing House, Allahabad. 1976.
32. L.M. Bhole: Financial Institutions & Markets, Strategic Growth & Innovation,
Tata Mc Graw Hill.
33. Maclennan & Uncan: Housing Economics- an Applied Approach, Princeton
Hall, Mumbai. 2006.
34. Mark Grinblatt & Shevidan Titman: Financial Markets and Corporate
Strategy, Tata McGraw Hill Edition. 2003.
35. Migalini O.P: Urban Housing in Developing Economy, Deep and Deep
Publications, New Delhi. 1992.
36. Mongia, J.N: Housing in India, Neera Enterprises, New Delhi. 1982.
37. Moshin.M: Life Insurance Corporation and Urban Housing, Vora and
Company, Publishers Pvt. Ltd, Bombay. 1972.
38. Needleman: The Economics of Housing, Staple Press, London.
 62

39. Nevitt, Adela & Adam: Housing Congress-The Economic Problems of

Housing Proceedings of a Conference, R.C.U.E.S, Hyderabad.
40. Palvia, C.M: Housing and Urban Economics, Quantitative Analysis based on
National Income Calculus and Development Economics, Lalita Prakasham,
New Delhi. 1980.
41. Pugh Cedric: Housing and Urbanization, A study of India, Sage Publications,
New Delhi. 1990.
42. Reid, M.: Housing and Income, University of Chicago Press, Chicago.
43. Revi & Aromar: Housing India Shelter in India, Himalaya Publications, New
Delhi.2002.
44. Sarma, K.S.R.N. (Ed): Housing Finance in India, A Publication of Center for
Urban Studies, Indian Institute of Pubic Administration, New Delhi. 1989.
45. Schultz T.W.: Investment in Human Capital, The Free Press, New York.
46. Seong – Kyu & Hand Croom Helm: Housing Policy and Practice in Asia, New
York. USA 1987.
47. Shankar Ravi: Services Marketing- The Indian Perspective, Excel Books.
2002.
48. Shukla,P.R & Roy Chowdary S.K.: Economics and financial Strategies for
Hissing Development, Akash Deep Publishing House, New Delhi.1992.
49. Sidharan, N: Arhiesh Publishing House, New Delhi. 1992.
50. Sinha, Bakshi, D: Housing Growth in India, Arnold – Heine Mann.
51. Smith & David Prakakis Urbanization, Housing and the Development
Processes, Croom, Helm, London.
52. Sovani,N.V.: Urbanization and Urban India, Asia Publishing House, New
York. 1966.
53. Srivastav,R.M: Management of Indian Financial Institution, Himalaya
Publishers, Bombay.
54. Sudha Kaladate and Joshi: B.L. Slums and Housing Problems, Print well
Publishers, Jaipur.1989.
55. Turan.M.S & SC Kuindu: International Business and Financial services Excel
Books. New Delhi.2004.
56. Varghese K.V: Housing in India, Eureka Publications, New Delhi. 1980.
 63

57. Veena.D.R: Housing Policy in India -a mode one for Govt Policies and
Action, Ashish Publications, New Delhi.
58. Vijaya Bhole: Housing and Urban Development in India, Classical
Publishing Company, New Delhi. 1988.

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