Factors strengthening the demand of budget housing in Mumbai:
Many people come to the city of Mumbai in order to find livelihoods and they settle here. Therefore, the demand for budget housing does not cease at any time. Many high profile areas like Bandra, Andheri, and Santa Cruz are similar and have many issues like price saturation. A number of developers including HDIL, Tata housing, S Raheja, Haware Builders, Matheran Realty, Neptune Group, Usha, Poddar Developers, Sriram Properties, Nirman Group, Echarge Homes and Panvelkar Group have entered budget housing market. The state agencies such as Gujrat Housing Board are also providing budget housing. The demand for affordable housing in Mumbai is further strengthened by the following factors:
- Fast Urbanization: Mumbai is famous for the potential of employment generation and attracts huge number of people from the second and third Tier cities, causing mass urbanization.
- Rise of lower-middle income group: Most of Mumbai’s population is from the lower income group and so the demand for budget housing is rising.
- Slow moving sale volumes for the high end housing: Mumbai has huge inventory of the unsold homes at approximately 250000 houses i.e. 155.27 million square feet. It is equal to an unsold inventory of about 40 months. The high prices are pushing away buyers.