Manufactured homes in India are not exactly new, but are now getting a bit more attention as consumers increasingly want to live in such spaces.
In India, the trend has been growing rapidly.
In the first six months of 2016, the number of luxury manufactured homes sold rose by 60 percent compared to the same period last year.
That growth has been driven by the increasing demand for luxury manufactured home as the number and types of luxury homes in the country grow.
In addition to the high demand for these luxury manufactured housing, the country is also seeing the rising number of people living in these homes.
The number of households with at least one non-furniture dwelling rose from 1.25 million in the first half of 2016 to 1.5 million in January, according to the Central Statistics Office (CSO).
“The number of non-residential dwellings has increased by 60 per cent compared to January-end of 2016,” said Ankit Kumar, an assistant professor of urban planning and policy at the Jawaharlal Nehru University.
“The number living in luxury manufactured houses has also grown by 60-65 per cent, while the number living as non-residents increased by 50-55 per cent.”
The growing demand for a home in these luxury manufacturing houses is partly a result of the increasing cost of living, with the average cost of a new home in India at Rs 9,400 (US$1,844).
In comparison, the average price of a home sold in the United States, the United Kingdom, Germany and Italy is less than $600, according the BLS.
In 2017, luxury manufactured dwellings accounted for just under a quarter of all new homes in New Delhi, according a 2017 study by the BMSF-Indian Cities Network (BCN).
The trend is also likely to continue as India’s economy continues to grow.
The CSO said in its latest housing statistics that demand for housing has increased in the past year and that the housing market is likely to expand by at least 5.2 percent annually between 2020 and 2030.
In 2019, the government announced that it will introduce new rules on land allotments for luxury dwellings, which will make it easier for luxury homes to be built in the future.
As these luxury-manufactured homes are becoming more common, the market is also getting more expensive.
The cost of owning a luxury manufactured house has risen from Rs 7,000 (US $1,350) in 2020 to Rs 8,000 ($2,350).
According to the BMA, the increase in the cost of buying a luxury house is due to a growing population, a rising cost of real estate and the lack of competition among sellers of luxury dwellings.
India’s luxury manufactured dwelling market, including luxury manufactured hotels, luxury motels, luxury residential units, luxury townhouses, and luxury apartment complexes, has grown from $1.4 trillion in 2016 to $3.2 trillion in 2017, according BMA India.