Image Source : PIXABAY Real estate (Representative)
An additional 6.4 crore homes are projected to be needed by 2036 due to population growth, according to a report by CREDAI-Liases Foras. The report was released during the New India Summit in Varanasi, jointly presented by real estate apex body CREDAI in collaboration with data analytics firm Liases Foras.
According to the joint report, India faces a housing shortage of 29 million homes as of 2018. Considering the continuous population expansion, the estimated housing demand is expected to reach 93 million by 2036.
“Therefore, the total estimated housing demand by 2036 in India is 93 million,” the CREDAI-Liases Foras report said.
The report highlights the anticipation that the upcoming surge in real estate growth will predominantly emerge from Tier II and III regions.
Robust housing demand
Highlighting the previous year’s trends, housing demand remained robust, with over 19,050 RERA registrations observed nationwide, primarily dominated by 45 per cent of projects falling within the residential segment.
Boman Irani, President, CREDAI, said, “The rapidly growing Indian population and economy have resulted in accelerated demand and supply of homes, while also improving home buyers’ purchasing power and inclining them to buy bigger houses.
Commenting on this trajectory, Manoj Gaur, Chairman of CREDAI, expressed optimism about the sustained demand trajectory in the real estate sector, foreseeing its continuation into 2024 and beyond.
Pankaj Kapoor, Founder and Managing Director of Liases Foras, highlighted the significance of the real estate sector’s role in contributing to the GDP. He underscored its role in working towards achieving the goal of reaching a USD 5 trillion economy.
“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,” he said.
