Between 2000 and 2007 urban India witnessed a vibrant housing construction market and housing finance was growing at over 30% year-onyear . However, the market was largely focusing on the organized high and upper middle income segments. This was the top 15% of the urban population where housing was available at Rs 15 lacs and above. There is however a huge market need and opportunity in providing housing to the next 40% of the population , which segment is ever growing.
These are households earning between Rs 8,000 and 20,000 and looking to buy housing priced between Rs 4-10 lacs. Over two thirds of this income group live in rented accommodation and are aspiring to own their houses. In fact, in metro cities, such as Delhi and Mumbai, given the housing shortage, many of them actually live in low income communities or even slums.............Click for more
Source Web Page: Economic Times