Till 2016, Top Eight Indian Cities Demand 2.1 Million New Houses

According to the recent news announced by Real estate consultants, in the next five years, Indian major cities will require 2.1 million residential units that meet with upcoming buyers. More than 50% of the requirement will be only for properties in the mid income segment, says in the latest report from Cushman & Wakefield. Nearly 18% of this housing demand is probable to be focused in top eight cities comprising National capital region, Pune, Bangalore, Mumbai, Chennai and Kolkata. According to the latest report, 11.8 million residential units will be required by 2016. The latest figures are based on the past trends for upcoming population and household growth and income classification for households.

Of the whole added demand in top eight cities, the robust demand for mid segment is predictable to be highest at nearly 59 % or 1.3 million residential units, surveyed by the robust demand in the high end market for 451,000 residential units. The low end segment is estimated to demand for 362,000 residential units. The healthy demand in the leading eight cities is an insightful environment for natural population growth, said by Sanjay Dutt, executive managing director of Cushman & Wakefield India.

We observe the higher demand in mid ranged segment in these Indian cities that further clarifies that there is a rapid expansion in the economically viable population in these cities which is very helpful to them and the cities in the creation of wealth, he added.