Additional 6.4 crore homes required by 2036 because of population growth: CREDAI-Liases Foras

An additional 6.4 crore homes are required by 2036 because of growth in population, according to CREDAI-Liases Foras. Realtors' apex body CREDAI, in collaboration with data analytic firm Liases Foras, launched an industry report at the New India Summit held in Varanasi.

The additional housing requirement by 2036 due to the population growth is 64 million in India," the joint report said.

In 2018, the housing shortage in India was 29 million houses, it pointed out.

"Therefore, the total estimated housing demand by 2036 in India is 93 million," CREDAI-Liases Foras report said.

The report mentioned that it is widely expected that the next wave of real estate growth will stem from Tier II, III regions.

Housing demand was strong last year, which also witnessed over 19,050 RERA registrations at Pan-India level with 45 per cent projects falling in the residential segment.

Boman Irani, President, CREDAI, said, "The rapidly growing Indian population and economy has resulted in accelerated demand and supply of homes, while also improving home buyers' purchasing power and inclining them to buy bigger houses."

Housing in tier II and III cities will witness a sharper trajectory, he said.

Manoj Gaur, Chairman, CREDAI, said: "2023 was a remarkable year for all real estate stakeholders and we expect this demand trajectory to sustain in 2024 and beyond."

Pankaj Kapoor, Founder and Managing Director, Liases Foras, said, "Indian real estate currently stands at an extremely important junction with sustained demand and supply greatly contributing to the GDP while showcasing a definitive way forward for reaching the USD 5 trillion goal."