"A house is considered affordable when it costs five times the buyers’ gross annual income. So, if a person’s gross annual income is Rs. 3 lakh, the maximum that he can afford to buy is a Rs. 15 lakh house," Pranay Vakil, chairman, Knight Frank India.
Knight Frank India's survey - Affordable Housing: Understanding the Drivers:
The affordable housing market in India that is increasingly being targeted by developers is worth at least Rs3 trillion and will see demand for 2.06 million homes by 2011, a survey conducted by property consultant Knight Frank India has found.Although buyers with an annual income of between Rs3 lakh and Rs10 lakh will drive demand for affordable houses, around 80% of the demand is expected to come from those earning between Rs3 lakh and Rs6 lakh a year, a report based on the survey said.
The report, titled Affordable Housing: Understanding the Drivers, is based on a survey conducted across 1,400 households in seven cities including Mumbai, Chennai, Bangalore, Hyderabad, Kolkata, Pune and the national capital region (NCR).
To read more, please, visit Shabana Hussain - livemint.com
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