The survey indicates that there was a shortfall of 29 million houses in India in 2018, and the projected housing need by 2036 is 93 million.
According to CREDAI-Liases Foras, India’s growing population will require an additional 6.4 crore dwellings by 2036 to meet the demand for housing.
The joint report, announced at the New India Summit in Varanasi, states that India will need an additional 64 million housing units by 2036 owing to population growth. The analysis was published by CREDAI, the leading association of realtors, in partnership with data analytic firm Liases Foras.
The housing demand in India is expected to increase by almost double during the next twelve years. According to the research, India experienced a housing shortfall of 29 million dwellings in 2018.
“Thus, the report by CREDAI-Liases Foras stated that the projected housing demand in India by 2036 is 93 million.”
The upcoming surge in real estate development will originate from Tier II and III regions.
The survey also highlighted that the upcoming surge in real estate development will primarily come from Tier II and III locations. The housing demand in India has witnessed a notable increase after the pandemic. Last year, housing demand witnessed over 19,050 RERA registrations at the Pan-India level with 45 percent of projects falling in the residential segment.
“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,” stated Boman Irani, President, of CREDAI.
He further stressed that housing demand in tier II and III cities will witness a stronger trajectory.
“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 USD 5 trillion goal,” stated Pankaj Kapoor, Founder and Managing Director, of Liases Foras.
Manoj Gaur, Chairman, CREDAI believes that the year 2023 was a fantastic year for all real estate players. He anticipates the robust demand for housing to be sustained in 2024 and beyond.
