{"id":43073,"date":"2025-09-29T13:59:51","date_gmt":"2025-09-29T06:59:51","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=43073"},"modified":"2025-10-01T14:12:19","modified_gmt":"2025-10-01T07:12:19","slug":"balancing-aspiration-and-accessibility-in-indias-evolving-housing-market","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/balancing-aspiration-and-accessibility-in-indias-evolving-housing-market\/","title":{"rendered":"Balancing aspiration and accessibility in India\u2019s evolving housing market"},"content":{"rendered":"

Developers must align luxury ambitions with the urgent need for affordable homes to build\u00a0<\/span>equitable<\/span>\u00a0cities<\/span><\/p>\n

\"\"
The evolution of India\u2019s housing sector is not just a story of luxury towers and aspirational lifestyles. <\/span>SNEHIT PHOTO\/Shutterstock<\/figcaption><\/figure>\n

India\u2019s residential property market is undergoing one of its most dramatic transformations in decades, with a clear tilt towards luxury housing even as affordable options shrink. Analysts, developers, and architects agree that the country\u2019s fast-growing cities are seeing robust sales momentum in high-end projects, while the challenge of ensuring inclusive housing\u00a0remains\u00a0pressing.<\/span>\u00a0<\/span><\/p>\n

Surge in luxury demand<\/span><\/b>\u00a0<\/span><\/p>\n

According to\u00a0<\/span>The Indian Express<\/span><\/a>, the share of affordable housing in the overall market has dropped sharply in recent years. Homes priced below INR40 lakh accounted for\u00a0nearly half\u00a0of sales in 2018 but had fallen to less than one-third by 2023. In contrast, mid-segment and luxury units have surged, supported by rising household incomes, aspirational lifestyles, and a renewed preference for spacious living environments in the aftermath of the pandemic.<\/span>\u00a0<\/span><\/p>\n

The\u00a0Times of\u00a0India<\/span><\/a>\u00a0reported in March 2024 that sales volumes across top urban markets were buoyant, led by Gurugram, where developers such as DLF launched large premium projects. The Mumbai Metropolitan Region (MMR), however, lagged in recovery, underscoring the uneven nature of growth across India\u2019s regions.<\/span>\u00a0<\/span><\/p>\n

Data from\u00a0<\/span>Global\u00a0Property Guide<\/span><\/a>\u00a0shows that average house prices across major cities grew by more than 10 percent in 2023, with Delhi NCR and Bengaluru leading the upward trend. This performance makes India one of Asia\u2019s fastest-growing residential markets, outpacing inflation and reflecting pent-up demand from both domestic and non-resident Indian buyers.<\/span>\u00a0<\/span><\/p>\n

Market consultancy\u00a0<\/span>JLL<\/span><\/a>\u00a0echoed this view in its India Residential Market Dynamics report, highlighting that new launches and absorption rates\u00a0remain\u00a0particularly strong in the premium category, even as the supply of affordable homes shrinks. The report notes that developers are increasingly shifting capital and land banks toward higher-margin luxury projects, reshaping the industry\u2019s long-term trajectory.<\/span>\u00a0<\/span><\/p>\n

Dual-segment strategies<\/span><\/b>\u00a0<\/span><\/p>\n

Yet the story is not one of luxury alone. As Madhav Raman, Co-Founder of Anagram Architects and a Member of the Judging Panel of the\u00a0PropertyGuru\u00a0Asia Property Awards (India),\u00a0observed:<\/span>\u00a0<\/span><\/p>\n

\u201cIndia\u2019s housing market is evolving rapidly, marked by a sharp rise in demand for premium and luxury homes. Developers such as DLF in Gurugram and Lodha Group in Mumbai have seen record-breaking sales, driven by growing affluence, aspirational lifestyles, and a renewed focus on high-end living post-pandemic. However, this surge in luxury development coexists with a persistent shortfall in affordable housing, particularly in fast-growing urban and peri-urban areas. The challenge for developers now is to strike a sustainable balance between serving the premium segment and addressing the country\u2019s long-standing need for inclusive, accessible housing.\u201d<\/span>\u00a0<\/span><\/p>\n

Raman pointed out that several leading players are adopting dual-segment strategies. Godrej Properties is expanding its luxury portfolio in Mumbai and Delhi NCR while continuing to deliver affordable homes under the \u201cGodrej Nest\u201d brand in Greater Noida and Pune. Similarly, Tata Value Homes is targeting mid-income and affordable buyers in Ahmedabad, Bengaluru, and Chennai, often in alignment with government-backed schemes.<\/span>\u00a0<\/span><\/p>\n

Schemes such as the Pradhan Mantri Awas Yojana (PMAY) and the Credit Linked Subsidy Scheme (CLSS) remain important in bridging viability gaps. For instance, Shapoorji Pallonji\u2019s affordable housing developments in Kolkata and Ahmedabad have\u00a0benefited\u00a0from subsidised land access and quicker approvals under these programmes.<\/span>\u00a0<\/span><\/p>\n

Innovation and\u00a0liveability<\/span><\/b>\u00a0<\/span><\/p>\n

Beyond financial incentives,\u00a0Raman added that\u00a0developers are turning to construction innovation to reduce costs and speed up delivery.\u00a0<\/span>Business Outreach<\/span><\/a>\u00a0also noted that Brigade Group in Bengaluru and Mahindra\u00a0Lifespaces\u00a0in Chennai are deploying modular and prefabricated techniques in township-scale projects, enabling more predictable timelines and lower build costs.<\/span>\u00a0<\/span><\/p>\n

Yet affordability is not just about price. \u201cTrue affordability must include\u00a0livability,\u201d Raman emphasised, pointing to the importance of transit-oriented projects. Developments near metro corridors in Pune, Hyderabad, and Bengaluru are increasingly attractive for offering proximity to jobs, education, and healthcare,\u00a0making them more sustainable for long-term urban growth.<\/span>\u00a0<\/span><\/p>\n

JLL\u00a0reiterated\u00a0that\u00a0this integration of infrastructure and housing will define the next wave of urbanisation, where both aspiration and accessibility need to be built into the DNA of India\u2019s future cities.<\/span>\u00a0<\/span><\/p>\n

Awards spotlight:\u00a0Recognising India\u2019s leadership<\/span><\/b>\u00a0<\/span><\/p>\n

The country\u2019s performance in both premium and innovative housing has not gone unnoticed internationally. At the\u00a0<\/span>19th\u00a0PropertyGuru\u00a0Asia Property Awards Grand Final<\/span><\/b><\/a>, Indian developer Suryam Developers LLP secured the Best Waterfront Housing \/ Landed Development (Asia) title for By the Waters. Competing against winners from 15 property markets across Asia, Australia, and the Middle East, the project stood out for its design, sustainability, and contribution to lifestyle living.<\/span>\u00a0<\/span><\/p>\n

Earlier in 2024, at the\u00a0<\/span>PropertyGuru\u00a0Asia Property Awards (India)<\/span><\/b><\/a>, Signature\u00a0Global\u00a0(India) Limited was named Best Developer, while its project Signature\u00a0Global\u00a0Titanium SPR was recognised as Best Green Development. Suryam Developers LLP\u2019s By the Waters triumphed at the national level, winning Best Waterview Housing\u00a0Development.<\/span>\u00a0<\/span><\/p>\n

These accolades underline the duality of India\u2019s market: on the one hand, delivering premium projects that meet\u00a0global\u00a0benchmarks; on the other,\u00a0showcasing\u00a0innovation in sustainability and green design. The Awards reflect the country\u2019s ability to compete not only within Asia but also on a\u00a0global\u00a0stage, setting standards that blend aspiration with responsibility.<\/span>\u00a0<\/span><\/p>\n

Outlook<\/span><\/b>\u00a0<\/span><\/p>\n

Based on\u00a0JLL\u2019s market insights and reporting by\u00a0<\/span>The Indian Express<\/span><\/a>, India\u2019s residential real estate will\u00a0likely continue\u00a0its upward momentum through 2025, supported by macroeconomic stability, rising incomes, and strong demand from the upper-middle class. Yet without sustained attention to affordable housing,\u00a0policymakers\u00a0and developers risk deepening inequality in urban living.<\/span>\u00a0<\/span><\/p>\n

For Raman, the balance between aspiration and accessibility is the key to a sustainable housing future:<\/span>\u00a0<\/span><\/p>\n

\u201cIndia\u2019s urban future depends on developers who can deliver both aspiration and accessibility,\u00a0building cities that are not just profitable, but equitable.\u201d<\/span>\u00a0<\/span><\/p>\n

The message is clear. As developers chase record sales in the premium segment, their long-term credibility will hinge on their ability to also serve the millions of families\u00a0seeking\u00a0affordable, well-connected, and dignified housing.<\/span>\u00a0<\/span><\/p>\n

The evolution of India\u2019s housing sector is not just a story of luxury towers and aspirational\u00a0lifestyles,\u00a0it is also about whether the nation can translate its economic momentum into inclusive urban growth. Recognitions at the\u00a0PropertyGuru\u00a0Asia Property Awards show that Indian developers\u00a0are capable of leading\u00a0both ends of the spectrum. The challenge now lies in ensuring that success in the luxury market does not come at the expense of\u00a0affordability, but\u00a0rather inspires\u00a0a more balanced and\u00a0equitable\u00a0housing landscape for the future.<\/span>\u00a0<\/span><\/p>\n

Winners of the\u00a06th annual\u00a0PropertyGuru\u00a0Asia Property Awards (India)\u00a0will be unveiled on\u00a012\u00a0December\u00a02025. To know more, visit\u00a0<\/span><\/i><\/b>AsiaPropertyAwards.com\/Award\/India\/<\/span><\/i><\/b><\/a>.<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

Gynen Kyra Toriano, Digital Content Manager at\u00a0PropertyGuru,\u00a0wrote\u00a0this article. For more information, email:\u00a0<\/span><\/i>gynen@propertyguru.com.<\/span><\/i><\/a>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Developers must align luxury ambitions with the urgent need for affordable homes to build equitable cities<\/p>\n","protected":false},"author":9,"featured_media":43075,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[216],"class_list":["post-43073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-india","news_country-india","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nBalancing aspiration and accessibility in India\u2019s evolving housing market | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/balancing-aspiration-and-accessibility-in-indias-evolving-housing-market\/\" 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