Mumbai expects highest residential space demand


Mumbai is expected to see the highest demand for residential space of approximately 16.40 lakh units due to the large scale urbanization. The mid-scale and affordable housing in suburban and peripheral areas will be the focus of this demand. However, the demand for office space would be approximately 23.7 million square feet, which is lower than that in Bangalore, Chennai and NCR.

The demand for hospitality in Mumbai is expected to be strong at over 98,500 room-nights, by virtue of the fact that the city is regarded as the financial capital of India and therefore the volume of both domestic and foreign business travelers is expected to grow steadily. Demand for retail is expected to be 6.19 million square feet.
On the other hand, Pune is expected to see the highest compounded annual growth in retail demand at 51% due to the current favorable demographics. The total expected demand for retail in Pune is approximately 1.76 million square feet. Office demand in Pune is expected to be 21.7 million square feet.

Bangalore emerges as a clear preference for sectors like office and retail, while it comes a close third in the residential and hospitality segments . Bangalore is expected to see the highest demand for office space in 2009-2013 of approximately 34 million square feet.

Post a Comment

You must be logged in to post a comment.