"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).
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