"But I can tell you that penetration is very low, shortage of housing in India is massive and one must also recognize that demographics in India are such that the housing market has to grow. About 60% of India’s population is below 30 years of age. Typically, a person finishes his post graduation at the age of 23-24 and then he then take up a job and would work for couple of years. So he would be working between 24-25-26 then he would get married, so marriage happens in mid-20s.

Again it’s a custom in India particularly with middle income people that the married couple will stay with the boys parents for a few years and then you get children. The children start going to school and then the extended becomes too large for the parents house, which they occupy, which is the time they look to buy a house.

So the average age of our borrower is 35 years and its not people in the 20’s who are buying houses but people in the mid-30s who are buying houses and with 60% of the population being below 30years of age – all these people will over the next 5-15 years will need housing."