Total demand for urban housing is estimated at 4.2 million units for the period of 2016-2020, across the top eight cities, according to a report. Existing under-construction and planned supply of 1.0 million housing units by private developers, is expected to be delivered across these eight cities during the said period, said the report ‘Revitalising Indian Real Estate: A new era of growth & investment’, released by Cushman & Wakefield and GRI.
Delhi-NCR (NCT, Ghaziabad, Faridabad, Gurgaon and Noida) continues to garner the highest proportion of demand of 24%, at around 1 million units, by the end of 2020, said the report. Segment-wise, the LIG (low income group) housing, below Rs 15 lakhs, is the most under-serviced segment, the report noted. While the LIG is likely to generate demand of about 1.98 million units by 2020, supply by private developers will barely be 25,000 units.
Similarly, though the MIG or middle income group (Rs 15-70 lakhs), accounts for 63% of the total housing supply across eight cities between 2016 and 2020 at 6,47,000 units, the demand is estimated to be much higher at 14,57,000 units, it said.