1.20 Crore
Homes Needed in India by 2013-17 : Cushman & Wakefield Report
Top 8 cities,
including NCR & Mumbai, Chennai would witness an additional housing demand
of 28 lakh (2.8 million) units in the
next five years (2013 -17). But, supply will lag behind due to economic and
regulatory issues, says property consultant Cushman & Wakefield.
"The total new
housing demand across India country will be nearly 12 million (1.20 Crore)
units in the next five years (2013-17).
This is based on the estimated growth of population across India," C&W
said in a statement.
The top 8 cities will
constitute nearly 23% out of the total demand. These cities are Delhi -
National Capital region (NCR), Mumbai, Kolkata, Chennai, Hyderabad, Bangalore,
Pune and Ahmedabad.
"Of the total
demand in top 8 cities, middle income group (MIG) and higher income group (HIG)
categories constitute majority of the demand at 2.5 million (25 lakh)
units," the C & W consultant said.
The demand for lower
income group (LIG) will be a mere 3 lakh units in these 8 cities, due to
expected increase in the housing & income standards in these key economic
centres.
The gap between
cumulative supply and demand in HIG and MIG segments during 2013- 2017 is
estimated to be nearly 45% in the top 8 cities.
The supply of housing
units in MIG and HIG during 2013-17 is expected to be around 1.4 million (14
lakh) units in the top 8 cities and of this about 1 million (10 lakh) units
would be in MIG category and only about 4 lakh units will be in the HIG
category.
"The gap between
fresh demand & supply is expected to see an incremental expansion as supply
will fall short on account of economic, regulatory and political
scenario," C & W Executive Managing Director ( South Asia) Mr. Sanjay
Dutt said.
However, Mr. Sanjay
Dutt noted that some of the demand in the next couple of years can be met
through the existing vacant stock.
