India faces 1.3 million housing shortfall

India faces a housing shortfall of 1.3 million over the next five years according a report from a property consultancy and a group of international real estate investors.

Cushman & Wakefield and Global Real Estate Institute’s annual “Embracing Change – Scripting the future of Indian Real Estate” report says that demand for residential property units in the seven major cities (NCR, Mumbai, Bangalore, Hyderabad, Chennai, Pune and Kolkata) for the next half-decade would reach 2.3 million…however, the supply is only expected to be 1 million.

Total domestic demand in the time frame is expected to reach 3.94 million housing units, with the mid-range housing segment expecting to drive this.

"The majority of the developers in the top seven cities are concentrating on this segment, which would help reduce the supply-demand gap," the report said.

Source: OPP.org.uk