India’s Prime Minister Narendra Modi has approved a nationwide urban renewal program for India’s second biggest cities to build 1,000 new luxury homes and apartment blocks, which could boost demand for luxury housing in the country’s sprawling metropolis of Hyderabad.
The government will spend about $2 billion to create about 20,000 affordable housing units over the next 10 years.
Mr. Modi has said the new affordable housing will create jobs and boost the city’s economy.
About 1.3 million people live in the city of Hyderabadi, which is home to the countrys largest electronics and telecoms company, and a large proportion of those are working in the electronics sector.
About 50,000 people in the state of Telangana are estimated to be in the construction sector.