India Will Need to Build 100 Million Homes This Decade Amid Rising Household Incomes
- The nation’s property market has heated up since the pandemic
- Macrotech Developers reported record sales in March quarter
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Indian home builders may have to construct as many as 100 million new dwelling units this decade as rising household incomes in the world’s fastest-growing major economy buoy demand for new residences, according to a top official at one of the country’s largest developers.
About 70 million Indian households will turn eligible for home ownership over the next 10 years, which, along with people seeking to upgrade their apartments, should create requirement for as many as 100 million new houses, Abhishek Lodha, chief executive officer at Mumbai-based Macrotech Developers Ltd. said in an interview earlier this month. Macrotech’s flagship projects include the Trump Tower in Mumbai.