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11.8 million new homes needed in India by 2016

11.8 million new homes needed in India by 2016

11.8 million new homes will need to be built in India by 2016 in order to meet the huge demand for housing from the indigenous population and overseas investors, according to a report from real estate consultants Cushman & Wakefield.

Much of the demand is focused on the major cities - Mumbai, Delhi, Bangalore, Chennai, Pune, Ahmedabad and Kolkata. Bangalore in the South of India is expected to be the most active of all the Indian housing markets because of the large amount of industry and services there.

Within the next five years 191,708 units mid range and high end property units will need to be built in order to keep up with the high levels of interest in the city.

Investors have been attracted to India's booming economy and rising property prices, especially in the country's wealthier areas, where buyers are building modern and forward thinking architecturally stunning homes.

'The demand in the leading eight cities is a reflective of the economic strength that these cities have, that attracts new settlers as well as creates a conducive environment for natural population growth,' said Sanjay Dutt, executive managing director of Cushman & Wakefield India.

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