Housing demand to soar to 12 m by 2016: C&W
Report by global property consultant Cushman and Wakefield states that there will be an increase in the demand for 12 million housing units across the country in the next five years.
It is said that the top eight cities will form about 20 per cent of the additional demand. However, the overall demand generated for residential properties for the years 2012 -2016 will be about 11.8 million units all over India. The top eight cities comprise of Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune.
The Ministry of Housing & Urban Poverty Alleviation estimates that the increase for such demand is due to the housing shortages of about 18.78 million units in the entire country. The demand for mid-segment is estimated to be highest at about 59 percent or 1.3 million units, followed by demand in the high-end segment which is 4,51,000 units. In the next five years, the low-end segment is assumed to witness a fresh demand of about 3,62,000.
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