Mumbai's Residential Market Takes Center Stage
Mumbai is poised to witness substantial demand for residential units, projected at approximately 16.40 lakh units. This surge in demand is primarily attributed to the city's extensive urbanization. Mid-scale and affordable housing options located in suburban and peripheral regions are expected to be the primary drivers of this residential boom. While Mumbai's residential market thrives, its office space demand, estimated at 23.7 million square feet, lags behind Bangalore, Chennai, and NCR.
Mumbai's Hospitality and Retail Sectors
Bolstered by its status as India's financial capital, Mumbai is also anticipating a robust demand in the hospitality sector. Over 98,500 room-nights are projected, fueled by a consistent rise in both domestic and international business travelers. The city also expects a retail demand of 6.19 million square feet.
Pune's Retail Sector Shines
Pune is expected to experience impressive growth in its retail sector. The city's retail demand is predicted to achieve a remarkable 51% compounded annual growth rate, primarily due to favorable demographics. This translates to a total anticipated retail demand of approximately 1.76 million square feet. Furthermore, Pune's office space demand is projected at 21.7 million square feet.
Bangalore's Dominance in Office and Retail
Bangalore emerges as the frontrunner in attracting office and retail sectors. It also secures a strong third position in the residential and hospitality sectors. The city is projected to lead office space demand between 2009 and 2013, with an estimated requirement of approximately 34 million square feet.