Indian developers' premium shift puts homes out of reach for many
SOUMYAJIT SAHA
MUMBAI -- A move by Indian developers into premium homes has contributed to a near halving of the supply of new homes that cost less than 5 million rupees ($58,000) over the last two years, deepening India's urban housing crisis by pushing properties out of the reach of even its burgeoning ranks of salaried workers.
The supply of such properties fell 43% between 2022 and 2024 in India's 13 biggest urban areas, according to data from real estate analytics specialist PropEquity shared with Nikkei Asia, as builders moved toward upscale offerings with bigger margins. Supply of new properties that cost between 5 million and 10 million rupees fell 29% over the same period.
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