5 Oct 2012

Ahmedabad needs 1.75 lakh new houses in 4 years

The traditional middle-range housing and migrant population are going to set the rules for Ahmedabad's real estate market in the coming years. A report on housing demand in eight big cities of India, suggest that Ahmedabad will see a fresh demand of 173,394 units for 2012-16. The report pegs the current supply of houses in Ahmedabad at 51,000 units.

Released by global real estate consultancy Cushman & Wakefield (C&W), the report 'Evolving Paradigm - Future Of Indian Real Estate' says that nearly 80% of the demand in the city will come from the mid-ranged category. The high-end category will make up for the remaining 20%.

According to the report, the demand in the city will be driven by inhabitants and migrant population. It says the migrant population, which will be pulled by industrial activity on Ahmedabad's periphery, will drive demand in the high-end segment.

The demand has been calculated based on population trends, household growth, income classification and doesn't take into consideration, demand from those without homes or NRIs.

"There is definitely a rising gap between the supply and demand of housing units in Ahmedabad. We believe the city would need more than 2 lakh new houses in the coming years. However, with current slowdown sentiments, demand in a few segments is not translating into sales for developers," says Rajesh Vaswani, executive director, Venus Infrastructure.

Ahmedabad will see a gap of 31% in supply in mid-ranged segment and 22% for high-end. It says that the current underconstruction and planned supply is mostly geared towards high-end. "Ahmedabad's demand, in addition to migrant population, will be driven by growth in population and re-settlers who intend to return to the city after having spent a fair deal of time in other locations across the globe," says Sanjay Dutt, executive managing director, India, C&W.


1 comment:

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