The total new demand for residential dwellings during 2012–16 will be 11.8 million units across India, according to real estate consultancy Cushman & Wakefield.
Of this demand, top 8 cities will account for 18 per cent or 2.1 million units across categories.
The annual report "Evolving Paradigm – Future of Indian Real Estate" has been bought out in association with Global Real Estate Institute (GRI). The GRI is a global club of senior real estate investors, developers and lenders.
Of the demand in the top eight cities, the requirement in mid-segment is estimated to be highest at approximately 59 per cent or 1.3 million units, followed by demand in the high-end segment which is 4,51,000 units. The low-end housing demand is expected to be 3,62,000 over the next five years.
Sanjay Dutt, Executive Managing Director, C&W India, in a statement said, "The demand creation in leading 8 cities is reflective of the economic strength that these cities have. We see a higher demand in the mid-ranged segment in these cities."
The total demand for housing units is expected to increase at a compounded annual growth rate of 2.8 per cent across India, with Bengaluru expected to record the highest demand growth of 4.1 per cent followed by Pune and Hyderabad.
NCR is likely to see the highest demand of 381,000 units in mid and high-end segments during 2012 – 2016.
Southern cities of Bengaluru (338,546 units), Chennai (257,796 units) and Hyderabad (199,575 units) will account for approximately 45 per cent of the demand in mid and high-end segments.
Mumbai is expected to see demand of 188,708 for mid and high-end housing, Ahmedabad (173,394 units) and Pune (144,422 units) and Kolkata’s (77,000 units).