Share of affordable housing shrinking; upper end of the market going berserk: Gulam Zia, Knight Frank

economictimes.indiatimes.com:

Gulam Zia, Senior ED, Knight Frank, says “Home loan interest rates have been skyrocketing, perhaps the highest in almost about eight-nine odd years. But that has impacted the bottom to mid end of the market. The upper end is not so dependent, especially the luxury segment is not so dependent on home loans and that demand is going unabashedly up and the transactions there are going unbelievably high. That is where the share of affordable housing has been shrinking.”
What are your thoughts on sustainability of this kind of momentum in real estate demand and where is the affordability coming from? One of the biggest drivers being cited is higher affordability. What are your thoughts there?
Your question is what justifies this kind of euphoria? It is very difficult to say. A couple of thoughts; the wealth creation that we have seen in at least a year and a half or two in spite of the global gloom etc. Things have really gone well for India and that is where the traction in residential or home buys, home buying has been pretty good.

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Home loan interest rates have been skyrocketing, perhaps the highest in almost about eight-nine odd years. But that has impacted the bottom to mid end of the market. The upper end is not so dependent, especially the luxury segment is not so dependent on home loans and that demand is going unabashedly up and the transactions there are going unbelievably high. That is where the share of affordable housing has been shrinking.
It has come to almost half