12 August, 2009

Mid-income Indians will need 2 mn homes by 2011: Knight Frank Research

Middle income Indians will need more than 2 million homes by 2011 across the large cities, a property consultant report said, pegging in affordable housing market at Rs 3,30,000 crore.Households with an annual income between Rs 3 lakh and Rs 10 lakh in Mumbai, the National Capital Region, Chennai, Bangalore, Hyderabad, Kolkata and Pune will need 1.65 billion sq ft of space by then, the report by Knight Frank Research said. 

Taking an average price of Rs 2,000 a sq ft, this values the affordable housing market at $68 billion, they added. The survey took a sample size of 1,400 households across the seven cities. The respondents were mostly tenants, without tenancy rights under the rent control act, and had a strong intention to buy a house within the next two years, the report said.