India’s top 8 cities to need 2.95 mn housing units over next 5 years

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-Around 23.0% of urban housing demand in India is likely to be concentrated across the top eight cities

-Middle Income Group (MIG), highest demand generator, 1.08 mn units by 2018

-Top 8 cities to witness demand for nearly 520,000 High Income Group (HIG) units during 2014-2018 

 

In the latest study by global real estate consultancy Cushman & Wakefield (C&W), total new demand for urban housing in India is expected to be nearly 13 mn units by the end of 2018 on account of the burgeoning population in urban centres. This is addition to the already existing unmet demand. Of the total additional demand, the top 8 cities are likely to constitute 23% or 2.95 mn units.

Of the total additional demand across the top eight cities, MIG is expected to generate the highest volume of demand of 1.08 mn units until 2018, followed by the Lower Income Group (LIG), which is expected to generate demand of nearly 1.05 mn units, and the HIG with a demand for 0.52 mn units. Thus, both LIG and MIG will account for nearly 80% of the total demand in these eight cities.

 

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