House prices in India are rapidly rising due to lack of a well-developed market and a chronic shortage of housing, estimated at 18.8 million units in 2012, mainly in urban areas (GoI). The shortage was broadly attributed to congestion (15 million) followed by obsolescence (2 million) and homelessness (1 million). This paper documents the characteristic and business practices prevailing in terms of determinants of house prices, role of lending institutions and their policies, drivers of credit flow, credit sources, interest rate regimes, regulators and housing indices in the Indian housing sector in comparison with US and Spain.