NCR needs 3.81 lakh hous­ing units

Ad­di­tional hous­ing de­mand is es­ti­mated to be ap­prox­i­mately 2.1 mil­lion units in ma­jor cities over the next five years, says a re­port by Cush­man & Wake­field

HT Estates - - Front Page - HT Es­tates Cor­re­spon­dent

The to­tal new de­mand that could be gen­er­ated for res­i­den­tial dwellings in the pe­riod 2012 to 2016 will be 11.8 mil­lion units across In­dia. Of the to­tal ad­di­tional de­mand, the top eight cities will con­sti­tute 18% or 2.1 mil­lion units across cat­e­gories, says the an­nual re­port: Evolv­ing par­a­digm – fu­ture of In­dian real es­tate, con­ducted by global real es­tate con­sul­tancy Cush­man & Wake­field’s (C&W) in as­so­ci­a­tion with Global Real Es­tate In­sti­tute (GRI). NCR is ex­pected to wit­ness the high­est de­mand across mid and high-end seg­ments at 381,000 units dur­ing 2012 - 2016

The ad­di­tional or new de­mand that can be gen­er­ated in 2012-2016 is cal­cu­lated based on the past trends for pop­u­la­tion and house­hold growth and the in­come clas­si­fi­ca­tion for the house­holds. Hence, this does not take into con­sid­er­a­tion ex­ist­ing un­ful­filled de­mand by those with­out homes, liv­ing in con­gested homes and or in di­lap­i­dated struc­tures. The min­istry of hous­ing and ur­ban poverty al­le­vi­a­tion es­ti­mates such de­mand re­sult­ing from hous­ing short­ages at 18.78 mil­lion units for the en­tire coun­try. C&W’s es­ti­mates also do not con­sider the ex­ist­ing or fu­ture de­mand from those liv­ing in rental houses and want­ing to shift into their own houses, de­mand from NRIs or those wish­ing to pur­chase sec­ond homes.

Of the to­tal ad­di­tional de­mand in the top eight cities, de­mand for mid-seg­ment is es­ti­mated to be high­est at ap­prox­i­mately 59% or 1.3 mil­lion units, fol­lowed by de­mand in the high-end seg­ment of 451,000 units. The low-end seg­ment is ex­pected to see 362,000 of fresh de­mand in these cities in the next five years.

“The de­mand cre­ation in lead­ing eight cities is re­flec­tive of the eco­nomic strength of the cities, that at­tracts new set­tlers and cre­ates con­ducive en­vi­ron­ment for pop­u­la­tion growth,” said San­jay Dutt, ex­ec­u­tive man­ag­ing direc­tor, South Asia, Cush­man & Wake­field.

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