BPTP, an Indian developer backed by Citigroup and JPMorgan Chase , aims to tap demand for housing from India’s middle class, Managing Director Kabul Chawla said in Mumbai.

The nation has a pent-up demand for half a million homes in the mid-tier segment, where houses cost 2m rupees ($44,000) to 6m rupees each, Chawla said in an interview today. That’s likely to widen by up to 100,000 homes each year, he forecast.

“The mid-segment space is a great story and many developers are now moving there,” said Chawla. “We’ll get volumes from this robust segment.”