The demand affordable housing is the need of the hour. More and more real estate developers who were offering premium and luxury apartments are jumping in to affordable housing as they have realized that with affordable housing the can be alive in the market. Developers have started eying the middle class segment middle class segment that may be more immune to the economic slowdown. It is a fact that the current economic may last two to three years. In order to pay salaries and to keep their lender happy, building affordable homes has turned out to be the best option.
Because of the growing urbanization in India more than 30 million affordable homes are needed to cater to the needed. Investors stung by a slump in the wealthy real estate sectors are increasingly looking at investment in affordable housing. This kind of housing is not very much in supply in India. When looking at the trend in middle class segment more families are looking for affordable housing and they are ready to invest. Even in the current economic recession the there is not drastic dip in the sales of mobile phones and motor bikes in india. This scenario suggests that the Indian middle class segment can afford low cost homes whose price ranges from 2.2 to 3.5 million rupees.
With regard to affordable housing there is little foreign funding and will not be affected by the current economic meltdown. Major builders in India like DLF, Unitech, Omaxe and Parsvnath are targeting the affordable housing segment with more than 24 new projects as sale of luxury and premium apartments in the urban location in india is on a stand still.
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