Accountable Developers, Accessible Homes: Regulatory Pathways to Expanding Home Ownership

Date 21 Jul 2025

Time 14:00–15:30

Location Room 730A, Cheng Yu Tung Building, CUHK Business School

Speaker Professor Sumit AGARWAL
Low Tuck Kwong Distinguished Professor of Finance
Professor of Economics and Real Estate
National University of Singapore

Home ownership builds wealth yet remains inaccessible for many. Developers constitute critical but understudied intermediaries controlling housing supply and affordability. Using India as our setting, we examine how regulatory intervention mandating developer accountability transforms home ownership. These reforms restructure the market—some exit under compliance burdens while others enter as standards replace reputation signals. The intervention benefits first-time buyers and marginalized groups while expanding affordable housing beyond metropolitan centers. Post-intervention mortgages show lower delinquency rates, revealing borrowers were deterred by developer’s default risk rather than creditworthiness concerns. Our findings show how developer-focused policies can reshape housing markets for previously excluded populations.