'Urban Housing demand estimated at 41.56 lakh units in top cities till 2020'

New Delhi: In the top eight cities across the country, housing demand is set for a fillip. As per a report released by Cushman & Wakefield and GRI 'Revitalising Indian Real Estate: A new era of growth and investment' urban housing demand is estimated at 41.56 lakh units till 2020, as against the expected supply of 10.23 lakh units.

The eight cities are: Ahmedabad, Bengaluru, Chennai, Delhi -NCR (NCT, Ghaziabad, Faridabad, Gurgaon and Noida), Hyderabad, Kolkata, Mumbai and Pune.

The total demand for urban housing is estimated at 4.2 million units during the period 2016-2020 across the top eight cities, said the report released by Cushman & Wakefield and GRI 'Revitalising Indian Real Estate: A new era of growth and investment'.

Correspondingly, it said, the under-construction and planned supply of 1 million housing units by private developers is expected to be delivered across top eight cities.

Delhi-NCR continues to garner the highest proportion of demand (24 per cent) at around 10 lakh units by the end of 2020.

It is further estimated that, the LIG (below Rs 15 Lakhs) is the most under-serviced segment. While the LIG is likely to generate demand of about 19.8 lakh units by 2020, supply by private developers is barely of 25,000 units.

Similarly, though the MIG (Rs 15-70 lakh) accounts for 63 per cent of the total housing supply across eight cities during 2016-20 at 6.47 lakh units, the demand is estimated to be a much higher number of 14.57 lakh units.

With PTI Inputs