CREDAI projects 7 crore additional housing demand by 2030
Over 28 crore Indian citizens want to buy a house, among the 40-crore population that is yet to own a house in the country. CREDAI also projects that there will be a 7-crore additional housing demand by 2030.
“Due to its strong multiplier effect coupled with robust real estate demand – for both housing and commercial – the sector is bound to play a critical role in multiplying GDP value and increasing revenues, per capita incomes that will aid further growth as a part of a self-sustaining cycle due to ever increasing consumption,” said CREDAI president Boman R Irani.
CREDAI, in its report, said that current market size of Indian real estate has is 24 lakh crores, split between residential and commercial in the ratio of 80% and 20% respectively.
Among the residential segment, 61% of current supply is above the cost of Rs 45 lakh. The average home area is also increasing at 11% on an annual basis.
Reflecting the aspirational growth of Indian Homebuyers, over 87.4% of housing demand by 2030 is expected to be of houses costing more than Rs 45 lakh.
“To achieve Viksit Bharat, Real Estate is going to be at the nucleus of growth which is also validated by the recent sheer volume that has coincided with strong QoQ GDP numbers. Moving forward – real estate again is going to play a pivotal role as India strives to multiply its economy,” said CREDAI Chairman Manoj Gaur.
Coupled with the cascading impact of the sector that supports over 250 industries directly and indirectly, CREDAI’s projections provide a definitive
