Highest Housing Demand by 2020 in Delhi-NCR

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Highest Housing Demand by 2020 in Delhi-NCR
?December 5, 2016 ?Real Estate ?Highest Housing
Demand by 2020, Housing Demand Gurgaon ?Srishti
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As per the reports, the total demand for urban
housing is expected to be 4.2 million units
during the period of 2016-2020 across the top
eight metropolitan cities. The existing planned
and under-construction supply of over 1 million
residential units by some private developers is
expected to be delivered across the top eight
major cities during the above mentioned time
period. Delhi and its neighboring cities such as
Gurgaon, Noida, Ghaziabad and Faridabad continue
to get the highest proportion of the total demand
of 24 at about 1 million units by the end of
the year 2020. The lower income group housing
which is below Rs 15 lakh is the highest
under-served segment. The lower income group is
likely to generate the demand of about 1.98
million units by the year 2020. The supply by
private developers is getting to be hardly 25,000
units. Likewise, though middle-income group
which falls under Rs 15 lakh to 70 lakh accounts
for over 63 of the total residential supply
across the eight major cities between the years
2016-2020 at over 6,47,000 units which are
expected to be demanded higher at over 14,57,000
units.
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At the basic level, irrespective of the demand
grossly outstripping the supply, there are a
decent proportion of the unsold properties or
inventories in the middle income group and the
higher income group categories which are not
completely absorbed as these are the properties
which are unable to demonstrate the value for
the buyers. All such units fall out of the
preference either on the account of higher than
the expected rates due to the locations. The
lack of the funds, as well as the highland and
the cost of developments, is the major reasons
for the developers that they are not opting for
the units that are smaller sized to the city
centers as these are profitability drastically
reduced. Delhi NCR is predicted to have the
highest demand in all these three segments in the
year 2016-2020. Also, Mumbai is likely to follow
the Delhi-NCR terms of the residential demand. A
majority of the supply, however, is expected to
supply to the higher income groups which are
followed by middle-income groups and lower income
groups. Among all the eight cities, the
developers are expected to launch the highest
number of housing units for the lower income
groups in Kolkata. Definitely, properties in
Delhi NCR are expected to get the highest number
of demands for lower, middle and higher income
groups. The future seems to be brighter for the
affordable homes as well as the real estate
market as a whole, especially in Delhi NCR.
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