Studies estimate that the potential market for affordable housing in urban India is huge. The maximum rise will be seen in top 10 cities where demand for residential properties is 80%. Are we ready to welcome the newcomers? Tanuj Shori, Founder & CEO – Square Yards, shares his insight into the subject in an article published on BW Businessworld Magazine.
The real estate market is pegged at $1 trillion by 2030 owing to this huge demand. According to industry reports, people living in urban areas will increase from 462 million in 2018 to 600 million in 2030. And a mammoth 5 million homes per year need to be built from the current rate of 0.5 million per year to accommodate this urban influx.
Rising disposable incomes and government initiatives have made non-urban folks embrace modern, smart living opportunities, thus triggering a massive migration tsunami.
Housing sales volume picked up post 2011 and real estate enjoyed a purple patch then, with high-rises mushrooming in all major cities including Delhi NCR, Mumbai, Bangalore, Chennai and Kolkata. The demand-supply gap was in place and properties in both premium and affordable range saw a robust appetite among homebuyers.
Easy availability of home loans, decreasing average household size and breaking away from traditional family structure were some of the factors which gave an impetus to the housing sector’s unprecedented phenomenon.
Published by: BW Smart Cities Date: 11 December 2019
