By the end of the century, the number of homes on the market will more than double, to more than 2.8 million, as the population continues to grow.
The number of houses in India has doubled in the past decade, reaching 3.6 million in 2022.
According to an analysis by The Times Of India, a residential architecture journal, there are currently around 7,500 homes under construction across the country, including 8,000 in Mumbai.
“Most of the projects are being planned to house residents of the cities, but a large number of them are being built in suburban areas,” said S.N. Gupta, the editor-in-chief of The TimesOfIndia.
The residential architecture magazine said that the total number of residential units will grow to 4.4 lakh in 2022, up from 3.3 lakh currently.
It added that the average house price has risen from Rs 7 lakh to Rs 7.5 lakh per sq ft (sq.m.), while average cost of a plot of land in Mumbai increased from Rs 12,000 to Rs 18,000 per sq.m.
A lot of these houses have been built on vacant land in urban areas, and this has led to a shortage of affordable homes in these areas.
“While the land is being reclaimed and cleared for housing, the market is still limited to a small percentage of homes,” Gupta said.