It is the smaller cities in India not the metros that are witnessing a housing boom. In quiet Gangtok every fourth household took a housing loan from a scheduled commercial bank in 2005-06, In Bhubaneshwar over one-fifth of all homes took the housing loan in the same year.
On an average of barely Rs 3.4 lakh per housing loan is being taken by Sikkimese. Though Sikkimese capital may not be able to match the residents of the metros in case of the size of the loan but in terms of the sheer proportion of families that are borrowing to have a home they can call their own, small-town India is on the march.
Amongst the metros Mumbai tops the list in terms of the value of housing loans, with a little under Rs 24,000 crore in 2005-06, according to the details data available of the latest year. Delhi comes next with over Rs 16,000 crore, followed by Bangalore with over Rs 14,000 crore, Chennai (a little more than Rs 10,000 crore) and Hyderabad (over Rs 7,000 crore). The metros are topping the list without including suburban districts like Thane and Thiruvallur.
How you rank the cities in terms of their inclination for housing loans will wholly depend on the parameter you choose — the volume of loans, the value of each loan, the proportion of households that borrowed or the average borrowing per household.
On looking at the average value of each loan account opened in 2005-06 the list changes with the immediate neighbors crawling to the top of the chart leaving behind the metros. Noida now tops the list with Rs 10.5 lakh followed by Gurgaon with Rs 10.2 lakh and Delhi with Rs 9.8 lakh. Mumbai, with an average housing loan of Rs 7 lakh, is now at eighth place.
Even on looking in terms of the average housing loan per household the list changes. Noida and Gurgaon remain on top with Rs 1.49 lakh and Rs 1.29 lakh respectively, but Chandigarh and Chennai, with an average of just over Rs 1 lakh, are now joint third while Delhi slips to No 17 with Rs 0.49 lakh.
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