This briefing seeks to inform policy to address the dichotomy emerging in the formal housing sector between investment growth and affordability, within the context of India’s post-liberalisation real estate growth. It reviews three key regulatory reforms that have restructured the processes and range of actors operating within the formal housing sector: the deregulation of foreign direct investment, the Real Estate (Regulation and Development) Act (2016) and the Insolvency and Bankruptcy Code (2016). These reforms have a direct impact on the sector’s capacity to meet the country’s housing need. Drawing on primary research with key stakeholders in real estate financing in India, the briefing shows how these reforms target a narrow range of stakeholders in the housing sector, with deep equity implications for India’s urban future.