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.
Property
Indian developers' premium shift puts homes out of reach for many
Supply of new properties under 5 million rupees almost halved over 2 years
Between 2022 and 2024, the supply of new houses costing less than 5 million rupees fell 94% in Mumbai, while projects worth 5 million to 10 million rupees declined 56%. (Photo by Ken Kobayashi)
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