Low
- income urban families need about 1.5 crore (15 million) houses in a price
range of Rs. 4 to Rs. 10 lakh, presenting an untapped opportunity of a whopping
Rs. 9 lakh crore for real estate developers, according to a report by Deloitte
India.
Minimum
30,500 housing units were launched below Rs. 10 lakh by private developers
across 22 cities between June 2011 & January 2013, of which maximum (About
39%) were in Gujarat.
There
is an increased interest in supplying housing & housing finance to
low-income customers. But, the gap between supply & need is huge, according
to the report 'State of the Low-Income Housing Market' launched by Housing and
Urban Poverty Alleviation Secretary Mr. Arun Kumar Misra.
"There
is a large proportion of low-income urban families, with a monthly household
income of Rs. 10,000 to Rs. 25,000, who can afford privately build formal
housing costing Rs. 4 lakh to Rs.10 lakh without any aid from the government.
"There
is an estimated demand of 1.5 crore houses from these low-income customers,
which translates into an opportunity of Rs. 9 lakh crore for developers and Rs.
7 lakh crore for housing finance companies" Deloitte report said.
The
housing finance, which was almost non-existent for these low-income customers
five years ago, is now accessible with above 10 housing finance firms lending
to low income customers.
The
report highlighted that three cities - Ahmedabad, Mumbai & Indore - are
leading in providing housing below Rs. 10 lakh with above 20 projects in each
city.
"The
western and central states of Gujarat, Maharashtra & Madhya Pradesh are
doing better than the rest of the country. In the northern region, there is a
limited LIH supply," the Deloitte report said.
Out
of 30,668 houses launched during June 2011 to January 2013 period, Gujarat
witnessed maximum supply of 11,823 units followed by Maharashtra and Madhya
Pradesh with 8513 and 4759 units, respectively.
Asked
about the reason for Gujarat being ahead of other states, the co-author of the
report Mr. Ashish Karamchandani said:
"Developers and promoters in Gujarat had entered in the low-income housing
earlier. Also, the approval time for projects is faster"
Low
cost House Supply
June
2011-Jan. 2013 (Numbers)
Chennai 30
Coimbatore
998
.
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