India to Build 100M Homes by 2030

Narendra Modi, who was sworn in as India’s prime minister for a third straight term on Sunday, has vowed to continue pushing growth, especially in the housing and infrastructure sectors. Residential buildings under construction in Mumbai, India, on Wednesday, June 5, 2024. For many foreign investors, India's near-$400 billion stock-market wipeout on Tuesday is just another opportunity to buy into what they see as one of the world's most promising economies. Photographer: Dhiraj Singh/Bloomberg.

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 the 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.

Narendra Modi, who was sworn in as India’s prime minister for a third straight term on Sunday, has vowed to continue pushing growth, especially in the housing and infrastructure sectors. Real estate consulting firm Knight Frank expects the demand for homes created by rising income levels to translate into $906 billion of economic output over the next ten years.