Housing demand in India to reach 93 million by 2036: CREDAI – The Economic Times

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Housing demand in India is projected to reach 93 million units by 2036 with several Tier II, III cities projected to spearhead both demand and supply, according to a report by the Confederation of Real Estate Developers’ Associations of India, (CREDAI) with Liases Foras.
The surge is primarily owing to the increase in demand in housing basis growth in key parameters including population in both urban and rural areas, healthy macro-economic indicators and favorable demographics, with several Tier II, III cities projected to spearhead both demand and supply.

With government plans to establish Smart Cities, along with increasing commercialization activities in emerging areas, it is widely expected that the next wave of real estate growth will stem from Tier II, III regions.

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“The rapidly growing Indian population and economy has resulted in accelerated demand and supply of homes, while also improving home buyers’ purchasing power and inclining them to buy bigger houses. The country is set to develop manifold in the next 10-15 years and hence, through this report we look towards setting a new precedent with the emergence of Tier II, III regions and their contribution towards the sector and economy,” said Boman Irani, President, CREDAI.
Last year 2023, witnessed high volume of registrations and interest from homebuyers, also oversaw over 19,050 RERA registrations at Pan India level, according to the report – with 45% projects falling in the residential segment.

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The report further highlight the existing housing inventory, which at a pan India level, currently stands at 10,42,195 units, declining 3% on a QoQ basis but increasing by 2% on a YoY basis.

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Tier II cities, on the back of robust demand, also saw a drop in inventory and currently has a value of 20 months in inventory.

“India is widely slated to become the third largest economy of the world by 2030, and since this vision seems to be turning into reality in a rather short span of time, we believe that real estate development, especially in emerging areas, will be a principal component of this positive change,” said Manoj Gaur, Chairman, CREDAI.

From a pricing perspective, the report finds that there has been a 6% CAGR in apartment prices (at Rs 11,660 per square feet), with NCR witnessing the highest growth at 22%.

The report also reveals the % change in sales (apartments and plots), and carpet prices across major emerging cities including Nagpur, Bhopal, Surat, Lucknow, Chandigarh, Coimbatore, Jaipur, Cochin, Visakhapatnam.

“Indian real estate currently stands at an extremely important junction – with sustained demand and supply greatly contributing to the GDP while showcasing a definitive way forward for reaching the $5 Trillion goal,” said Pankaj Kapoor, Founder and Managing Director, Liases Foras.

( Originally published on Jan 09, 2024 )

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