Mumbai to witness an additional demand of housing units by 2018 end
Majority (46%) is likely to arise in the Middle income group (MIG), followed by 33% in the Lower income group (LIG) and 21% in the Higher income group (HIG)
Oct 20, 2014
Source : The Times of India
Housing Projects


MUMBAI: The city is expected to witness an additional demand of around 231,000 housing units across all segments by 2018-end while the supply is likely to be around 203,000 units. Of the total demand, majority (46%) is likely to arise in the Middle income group (MIG), followed by 33% in the Lower income group (LIG) and 21% in the Higher income group (HIG), said a Cushman & Wakefield report on Monday.

``However, the supply seems extremely skewed towards the HIG (63%), and likely to exceed demand significantly. As a result, due to excess supply in one segment, the overall demand-supply gap seems reduced but a large portion of the MIG and LIG demand will remain unaddressed,'' it said.

Scarcity of land in the island city has led to residential housing developments in the suburbs and peripheral locations of Mumbai. With increasing demand, land costs have risen sharply and the developers are finding it difficult to launch the LIG and MIG projects at many locations. Although the developers have launched projects targeting the MIG in far-off and peripheral locations, the overall physical and social infrastructure at these places has not supported these residential developments and the demand has remained subdued.

Cushman & Wakefield report said total new demand for urban housing in India is expected to be nearly 13 million units by the end of 2018 on account of the burgeoning population in urban centres. This is addition to the already existing unmet demand. Of the total additional demand, the top eight cities are likely to constitute 23% or 2.95 million units.


Latest Realty News

Land illegal, projects in Sector 110 sealed
Oct 20, 2014
NOIDA: The Noida Authority sealed several under-construction housing projects in Sector 110
BJP likely to cancel Rs 58cr Skylight-DLF deal in Shikhopur
Oct 20, 2014
CHANDIGARH: The Rs 58 crore deal between Vadra's Skylight Hospitality and DLF becomes the biggest symbol of Congress misrule in Haryana
‘Indira houses for all’
Oct 20, 2014
Jharkhand: All eligible families would be provided dwelling units under the Indira Awas Yojana (IAY) by 2022
Master plan view window widens
Oct 20, 2014
Patna: The last date for submitting feedback on draft of the city’s proposed master plan has been extended to November 15
Hyderabad likely to witness shortfall in realty space: Report
Oct 20, 2014
Hyderabad: With an estimated overall demand-supply gap of around 231,000 units until 2018, Hyderabad is likely to witness one of the highest shortfalls due to the comparatively low supply scheduled to be delivered in the next five years
New alliance comes into being in Dubai’s realty space
Oct 20, 2014
Dubai: A new real estate development company has been formed through an alliance between Sharaf Investment Group and Al Ali Real Estate
Builders, lenders can benefit from proposed changes in road contracts
Oct 20, 2014
NEW DELHI: The government is set to overhaul highway contract documents to provide extra comfort to lenders and project developers to get road projects going and boost investment
Carnival Group in talks to buy L&T Realty's Elante Mall
Oct 20, 2014
Mumbai: Carnival, a media & entertainment group based in this city, is in advanced discussion with Larsen & Toubro (L&T)Realty to acquire the latter's Chandigarh mall
Australian property loans expected to hold up
Oct 20, 2014
Australian banks’ confidence in the investor property market is a sign that property loans are expected to hold up for a while more
Builder accused of fraud commits suicide
Oct 20, 2014
LUCKNOW:Owner of a real estate firm that had floated several plotting schemes was found dead in Indiranagar area in suspicious condition

Latest Realty News Of State

Realty Talk's