Affordable housing will remain the dominant segment in the coming years with a total of 10 million PMAY (U) units to be delivered by 2020 itself

However, what about luxury housing?

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Latest PropTiger data, for instance, shows that nearly 88,000 housing units, priced below Rs 50 lakh, were sold in India’s nine key property markets in the first six months of this year. However, “it is interesting to note that the share of luxury homes is also significant in the overall sales numbers. Nearly 44,000 homes sold between January-June 2019 were priced between Rs 50 lakh and Rs 1 crore and almost 26,000 units sold during this period were priced at over Rs 1 crore,” says Dhruv Agarwala, Group CEO, Housing.com / PropTiger.com / Makaan.com.

This data supports the fact that the growth of affordable housing would continue to be strong in India with its large population. But at the same time, rising income levels among the country’s working-class and entrepreneurs would also support demand in the luxury segment. On the one hand, the depreciation in property value in real terms has made luxury properties more affordable to Indian HNIs, while on the other hand a weak rupee has made it more lucrative for NRIs.

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