India would require 6.4 crore additional homes by 2036 because of population growth: Report

It would require 6.4 crore more homes by 2036 to match the housing demand of India's increasing population, according to CREDAI-Liases Foras.

"The additional housing requirement by 2036 due to the population growth is 64 million in India," read the joint report released by realtors' apex body CREDAI, in collaboration with data analytic firm Liases Foras at the New India Summit held in Varanasi.

The housing demand in India will soar by nearly twice in the next twelve years. In 2018, the housing shortage in India was 29 million houses, according to the report.

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

The next wave of real estate growth is to come from Tier II, and III regions

The report also underlined that the next wave of real estate growth will originate mainly from Tier II and III regions. The housing demand has seen a significant improvement post-pandemic in India. Last year, housing demand witnessed over 19,050 RERA registrations at the Pan-India level with 45 percent of projects falling in the residential segment.

"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," said Boman Irani, President, of CREDAI.

He also emphasized that housing demand in tier II and III cities will witness a sharper trajectory.

"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," said Pankaj Kapoor, Founder and Managing Director, of Liases Foras.

Manoj Gaur, Chairman, CREDAI believes that the year 2023 was a remarkable year for all real estate stakeholders. He expects the strong demand for housing to be sustained in 2024 and beyond.