Indian cities and semi urban areas awaits huge housing demand. Around 590 million people will inhabit the Indian cities by 2030. Around 60 million new homes will be required for 210 million new urban population in the coming 18 years. So at present there is already an unmet demand of homes in India.
According to a recent survey, 48% of all home buyers prefer homes in the range of RS 20 lakh to Rs 40 lakh, which indicates that there is huge demand for one or two bedroom homes in the country. In 2011-2012 financial year, of the total 7,00,000 homes sold in India, almost 2,80,000 homes were less than 650 square feet in size, which is about 40% of the lot. Around 3300 luxury priced above Rs 10 crore were being developed during that period, of which 60% remained unsold. Also in Bangalore, 3500 luxury homes priced above Rs 1 crore remained unsold during the same time.
As per an estimate, of the total housing demand of India, one bedroom homes comprise almost 80% and another 10% would be comprised of small two bedroom homes. The break up shows clearly the need for more number of small homes in Indian market.
According to a recent survey, 48% of all home buyers prefer homes in the range of RS 20 lakh to Rs 40 lakh, which indicates that there is huge demand for one or two bedroom homes in the country. In 2011-2012 financial year, of the total 7,00,000 homes sold in India, almost 2,80,000 homes were less than 650 square feet in size, which is about 40% of the lot. Around 3300 luxury priced above Rs 10 crore were being developed during that period, of which 60% remained unsold. Also in Bangalore, 3500 luxury homes priced above Rs 1 crore remained unsold during the same time.
As per an estimate, of the total housing demand of India, one bedroom homes comprise almost 80% and another 10% would be comprised of small two bedroom homes. The break up shows clearly the need for more number of small homes in Indian market.
