By C & W Report
Mumbai is expected to witness an additional
demand of about 2.31 lakh units across all segments by 2018-end while the
supply is likely to be about 2.03 lakh units. Of the total demand, majority (46
%) is likely to arise in the Middle Income Group (MIG), followed by 33 % in the
Lower Income Group (LIG) and 21 % in the HIG. However, the supply seems
extremely skewed towards the High Income Group (HIG) (63%), and likely to
exceed demand significantly.
As a result, due to excess supply in one
segment, the overall demand-supply gap seems reduced but a large portion of the
MIG and LIG demand will remain unaddressed.
Scarcity of land in the island city has led to
residential housing developments in the suburbs and peripheral locations of
Mumbai. With increasing demand, land costs have risen sharply & the
developers are finding it difficult to launch the LIG and MIG projects at many
locations.
Although the developers have launched projects
targeting the MIG in far-off and peripheral locations, the overall physical and
social infrastructure at these places has not supported these residential
developments and the demand has remained subdued.
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