55% Mumbaiites seek house below Rs 50 lakh

It may only be wishful thinking in Mumbai, but more than 55% home seekers in the city are looking for an accommodation priced below Rs 50 lakh, reveals data collected by the Maharashtra Chamber of Housing Industry (MCHI) in real estate and housing finance exhibition held at Bandra Kurla-Complex from October 6-9.

It may only be wishful thinking in Mumbai, but more than 55% home seekers in the city are looking for an accommodation priced below Rs 50 lakh, reveals data collected by the Maharashtra Chamber of Housing Industry (MCHI) in real estate and housing finance exhibition held at Bandra Kurla-Complex from October 6-9.

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Altogether, 86,882 people visited the four-day property exhibition, of which maximum people (39.10%) can afford a house between Rs 25-Rs 50 lakh, while 19% want a house priced below Rs 25 lakh. Those looking for a house in the range of Rs 50-Rs1 crore and Rs 1-Rs 2 crore are 18.10% and 14.80%, respectively; only 9% wish to purchase a house priced above Rs 2 crore.

"Affordable housing seems impossible in Mumbai owing to sky-rocketing land price, but this data can be used by developers in the Mumbai Metropolitan Region (MMR) area - Virar, Vasai, Mira Road, Kalyan, Panvel and so on," said Paras Gundecha, president, MCHI.

He added, "Constructing affordable housing in Mumbai will be possible only if the government allows maximum vertical floor space index (fsi) as they are doing in other MMR areas."