by Corinne Gangloff
January 23, 2024
New housing construction levels in India are forecast to increase 4.1% per year on average through 2028.
Cleveland OH, January 23, 2024 – According to the Freedonia Group study, Global Housing, new housing construction levels in India are forecast to increase 4.1% per year on average to 11.3 million units in 2028, accounting for 31% of new housing units built in the Asia/Pacific region and 18% of units built globally. Strong gains will be supported by:
continued expansion in the country’s middle class
ongoing migration from rural areas to cities
continued government support for the construction of affordable apartments and subsidies for first-time homebuyers
On the other hand, high vacancy rates will continue to prevent an even stronger market performance over the forecast period. Efforts to regulate the real estate sector will aim to prevent speculation and the construction of vacant housing, which has inflated the market in recent years.
In 2023, there were 301.3 million existing homes in India, accounting for 13% of the global housing stock and 25% of the Asia/Pacific region’s housing. In the same year, India added 9.2 million new housing units, accounting for 28% of new homes in the Asia/Pacific region. The number of new housing units constructed increased almost every year between 2003 and 2023.
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