A study released by Knight Frank on 'Affordable Housing in India'stated that the market size for affordable housing in the country would reach up to Rs 3,00,000 crore by
2011.

It is expected that the housing requirement in the country would cross over 2 million units by 2011.

The research report added that the maximum contributors to this market size would be those who earn 3-6 lakh income annually.

Knight Frank, a global property consultant, said that India's high cost real estate market stood at around $50 billion, and the affordable housing sector has a possibility to cross $66 billion by 2011.

Talking to media persons, Chairman of Knight Frank, Pranay Vakil said, "According to the global standards, the cost of the affordable housing should be about 3.5 times of the annual salary of the buyer. In India, the buyer needs to pay about 5.1 times of his annual salary. To bring down the costs at the affordable level of the Indian buyers, various measures are required to be taken. For instance, cement should be cheaper by offering concessions in excise duty for the affordable housing projects and modern technologies like shutter technology should be used for the construction."

Mr. Vakil also added that the area to be developed could potentially be 1, 650 million square foot.