Housing in India has extensively become a money mending business. Several private sector companies have made housing affordability in India elusive for a common man. The elevated housing costs, however, are not in proportion with the growth of per capita income. This relation is well articulated in this paper. A scrupulous relation between housing and building material costs (H&BMC) and gross per capita income has been established, thus coming to a conclusion of polarization of economies and widening of gap between rich and poor; making it imperative to scrutinize the issue.