We want more Homes...Have you ever realized that real estate has developed so much in the past few years that there is no builder who can say that his houses have not been sold at all? Thanks to the huge demand in living spaces because of population explosion! Here are a few facts about the demand for homes by 2016 that are quite jaw dropping.
1. According to Cushman & Wakefiled, almost 59% of this need will be for properties in the mid-income segment.
2. The top eight cities - Mumbai, National Capital Region, Bangalore, Chennai, Pune and Kolkata, Bangalore and Hyderabad will account for more than 18% of this (We want more Homes) demand.
3. By 2013, nearly 11.8 million units will be needed (for more homes) according to research data like household growth, income classification and past trends.
Family homes needed to solve shortage: People became more prosperous, they demanded larger homes with more space inside and out and by building more family homes the cost of all housing would be kept down.
4. Interestingly, the mid-income segment and high income segment will see much growth than the low income segment by almost 50-60%.
Many people are choosing manufactured homes over conventionally stick built houses for the simple fact that they are finding that they can get comparable square footage and amenities for a LOWER PRICE.
5. Bangalore with a Compounded Annual Growth Rate (CAGR) of 4.1% leads the race for home-demand. Pune and Hyderabad come 2nd and 3rd.
A growing number of builders in Chennai are coming out with projects to match the style and budget of buyers, thus raising the demand for good homes.
6. Chennai is looking at a demand rate of almost 260,000 units till the end of 2016. This is much higher than the demands in cities like Mumbai and even NCR.
Demand Rates is the percentage of additional residential properties under contract as compared to the total number of active residential listings. We expect overall demand for residential properties in Chennai to increase once the interest rates sta
bilizes from their current peak.
With demand for residential properties on the rise, it is best to invest in properties today. This is the right time to invest in your home and reap the benefits of higher returns.
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