India needs 6.4 crore more homes by 2036 due to population growth: Report

To meet India's growing population demands, an additional 6.4 crore homes are needed by 2036, as per 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.

Over the next twelve years, India's housing demand is set to nearly double. In 2018, the country faced a housing shortage of 29 million homes, as per the report.

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

Tier II and III regions are poised to drive the next phase of real estate growth, as highlighted in the report. Post-pandemic, India has witnessed a notable surge in housing demand, with over 19,050 RERA registrations nationwide last year, 45 percent of which were residential projects.

"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.