India's housing demand seen at 42 lakh
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With India's economy growing steadily, housing demand is estimated to rise to 42 lakh units during the next five years, the majority of which will be in the affordable segment.
"The pan-India residential demand for the period 2010-14 is estimated to be approximately 4.25 million units, of which mid range and affordable sectors continue to capture a significant share of 70 per cent," property consultant Cushman & Wakefield (C&W) said in a report.
The report noted that out of total demand, 60 per cent is expected to come from top seven cities, including national capital region and Mumbai.
The demand in these cities, however, is estimated to be three times higher than supply during 2010-14.
"With India's economic environment showing signs of stability and buoyant growth, coupled with improvement in affordability and access to finance, housing demand in the country is expected to witness a revival in demand in the near future," C&W India Executive Director (Investment Services) Manish Aggarwal said.
C&W said while the housing sector has recorded a spike in demand over the last two to three quarters, supply still largely remains constrained owing to the slow pace of construction activity during 2009-10.
On the office front, the study said that the demand over the next five years is estimated to be about 240 million sq ft.
"The demand for retail space across the country is estimated to be 55 million sq ft, of which the top seven cities will witness approximately 53 per cent," it added.