We know that India has many homeless people and the percentage is higher in the lower income group. But the statistics say that the demand for housing in the segment between Rs. 30 Lakhs to Rs. 50 lakhs is the most and was of highest demand in all the cities across India. We have to admit that affordability is something relative and it certainly doesn’t mean that there is no demand for housing in the segment priced below Rs. 30 lakhs. It just means that when it comes to affordability and also the need for an apartment in urban India, this is the segment that is high on the PropIndex as well.
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Although this was the overall average trend it was also noticed during the third quarter of the financial year 2014-15 that PropIndex indicated an increased trend in the demand for housing by the urban India in Rs. 20 lakhs to Rs. 40 lakhs range.
Among the city Index values, Delhi showed a negative tendency with a fall in City Index by 1 percent and the city of Ahmedabad showed the highest rise by 3 percent. Except this, the city Indices remained fairly stable.
A surge in demand was noted in the smaller residential units (Especially 1 BHK) across cities of India.
1BHK more in demand
Across all cities of India there was a trend of increased demand of 1 BHK housing units and the figure is about 2 to 5 percent. Chennai and Hyderabad was the only exception with a recorded rise of only 1 percent, last year. Gurgaon was one of the top in the list with a 6 percent rise in the demand of 2 BHK units.
Residential houses were high in demand
The last quarter witnessed a rise in demand of the residential houses at the range of 1 to 4 percent and also a concurrent fall in the demand of apartments by 1 to 6 percent. But Chennai was an exception again with a rise in the demand for apartment by 2 percent.
The figures and the statistics point out that the drivers of the market are primarily the end users and the investors seemed to lie low. The demand for independent houses with maximum floor area was in high demand and this has resulted in the supply of independent homes with lesser super built areas.
As reiterated earlier that the demand for housing in Rs. 30 to Rs. 50 lakh segment was at the top and that was noted in the five metro cities namely Hyderabad, Bengaluru, Ghaziabad, Pune and Ahmedabad.
Hyderabad records the highest in the demand and sale of the apartments in this category owing to the unsold stock that piled up which made the developers and the government to take additional steps to sell the inventory.
In spite of the notion of an expensive city, most of the Bengaluru properties are in the range of Rs. 30 lakhs to Rs. 50 lakhs constructed by most of the renowned developers. Bengaluru went steady in demand of the housing segment with most of the demand noted in this price range owing to IT and ITeS sector growth, favourable government and high salaries coupled with infrastructural development. 
Ghaziabad has a higher supply of ready to move in apartments and properties in the range of Rs. 30 lakhs to Rs. 50 lakhs which got sold off with promotional offers and with the good infrastructure of the city with metros and the flourishing job market of Delhi and the NCR.
Next is Pune with the conditions much like that of Bengaluru with a cosmopolitan culture and good generation of jobs in the IT and the ITeS sector with the rates of the housing properties lesser than Bengaluru. Pune is yet to come up in the areas of improved infrastructure and public transport which the state government is working on after which the real estate situation of Pune is expected to improve.
Last but not the least is Ahmedabad. The experts opine that Ahmedabad is fast on the progress track with bullet trains, large investment in the real estate sector, GIFT and coupled with a stable government and the entrepreneurial nature of the population. The properties within the range of Rs. 30 lakhs to Rs. 50 lakhs are dotted around SG Highway, Gota, Satellite, Bhopal and South Bhopal with the petrochemical and the oil, gas and automobile industries being the major drivers.
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