In the opinion of the industry experts, the mid-segment housing will pick up in the current year. Nearly 50% of the total demand falls in this segment.
Most of the people speak highly about the affordable housing segment and top-end housing segment. However they seldom speak about the mid-income housing segment which is slowly picking up in the current year.
Pointing to the fact that India is a country where the majority of the population falls in the mid-income segment, Ajay Mangal, director and CEO MG Housing Pvt. Ltd spoke in an interview that the Mid-segment housing would pick up this year.
Mr. Mangal said that he expects the Mid-segment housing to pick up this year. He added that the situation will not be much different in Delhi the national capital.
In his opinion in the NCR, Faridabad, Ghaziabad and Some parts of Greater Noida would be driving the demand for Mid-segment housing. Other cities like Gurgaon and Noida are, though not yet raised to the level of tier I cities, would not be witnessing a higher demand for mid income properties.
He added that the property prices in these areas are far higher and almost has gone beyond the reach of mid-income class people. On the other hand the property prices are far affordable in Ghaziabad and in Faridabad.
Pointing to the higher demand for 2 BHK apartments in the NCR, Mr. Mangal said that 2 BHK sized-apartments should be included in the Mid-segment housing. On the other hand some of the experts wrongly put them in the top-end housing segment which mainly includes 3, 4 or 5 BHK apartments.
The new projects are mid-income oriented. They offer affordable 2 BHK apartments to the home buyers. The builders mainly concentrate on these smaller sized apartments due to many practical reasons. They will be able to handle the escalating land prices by providing more number of housing units. In fact it is estimated that nearly a half of the total demand is raised in this mid-segment housing.