All across India, middle and lower income families are finding themselves priced out of quality housing options in urban and semi-urban areas. Waiting years after making loan down payments for their houses to be constructed, too many families are bearing the double burden of paying rent and EMI during long development gestation periods. This is true across the housing spectrum, from flats and compact villas to row houses, with long construction times raising sales prices and squeezing hard working families out of the market.
Low Cost Housing
India’s remarkable two-decade residential construction boom has primarily focused on serving high-income earners in major Tier 1 cities, leaving millions of its citizens without quality housing options. By 2013, India’s housing shortage is estimated at nearly 30 million homes, with almost 99% of the shortfall coming from families earning less than 2 Lakh Rupees per year (EWS and LIG Segments). For these families, a quality house that meets their basic needs is becoming more and more unattainable due to skyrocketing construction costs and a lack of market focus on their needs.